AUD/USD Update – 11/12/2017 (09:00am) – by Arjun Lakhanpal

AUD/USD Update – 11/12/2017 (09:00am): AUD holds solid above .7500 for now… Last week’s break to new lows is consistent with the overall downside bias as the focus turns to key support levels. Note that prices are extending into the critical .7530/.7490 support zone, which represents the 61.8% retracement and uptrend line from the 2016 low. Violations should help confirm the onset of a deeper decline into the .7370/30 zone (May low). Near-term bounces should continue to find resistance at the .7650-55 breakdown area, while the .7700/35 recent highs should maintain the short-term downside bias.