AUD/USD Update – 08/12/2017 (10:40am) – by Arjun Lakhanpal

AUD/USD Update – 08/12/2017 (10:40am): AUD struggling to move away from the days lows and support at .7500.. The sell-off continues and attention has reverted to the uptrend at .7500. The market has strong support in this vicinity – namely the 2016-2017 uptrend line and double Fibonacci retracement at .7500-.7475 (50% retracement of the move up from the 2016 low AND the 78.6% retracement of the move seen from May 2017). At this point only a close above .7645, last weeks high will alleviate downside pressure.