STO Technical - Aussie dollar still heading lower?

Friday, 03/03/2017 | 11:04 GMT

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AUD/USD is heading towards the 382.% retracement of the run higher we have seen since the start of the year. Momentum appears to be weighted on the downside, although some short rallies could be seen on the pair up to 23.6% resistance around 0.7600.

Oil prices remain relatively rangebound, but there’s still potential on the downside. Having broken through lows for the last two weeks, front month crude could slide towards year-to-date lows around $51.50/barrel.

This article comprises the personal view and opinion of the STO Investment Research Desk and at no time should be construed as Investment Advice.

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Source: https://www.stofs.com/en/newsroom/entry/TECHNICAL/aussie-dollar-still-heading-lower

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