“¢ Disappointing ANZ business confidence index, falling to a seven-month low, adds to overnight weakness below an important horizontal support near the 0.6860 region.
“¢ A subsequent slide through last Thursday’s swing low confirms a fresh bearish breakdown and thus, paves the way for a test of November 2017 lows, around the 0.6780 region.
“¢ The remains well below short/medium/long-term moving averages and with short-term technical indicators still far from being in oversold territory further reinforce the negative outlook.
Spot Rate: 0.6820
Daily Low: 0.6811
Daily High: 0.6860
Trend: Bearish
Resistance
R1: 0.6860 (important support break-point)
R2: 0.6893 (R1 daily pivot-point)
R3: 0.6922 (weekly tops)
Support
S1: 0.6800 (round figure mark)
S2: 0.6781 (S3 daily pivot-point)
S3: 0.6760 (June 2016 swing low)
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