The Australian Dollar is edging lower late Wednesday as the U.S. Dollar continued to strengthen. At 20:18 GMT, the AUD/USD is trading .7195, down 0.0032 or -0.44%. San Francisco Fed President Mary Daily said on Wednesday that she could see a case being made to speed up the Fed’s tapering of its bond purchases.

The main trend is down according to the daily swing chart. A move through .7431 will change the main trend to up. This is highly unlikely, but due to the prolonged move down in terms of price and time, the AUD/USD is inside the window of time for a closing price reversal bottom.

The main resistance is the retracement zone at .7318 to .7363. This area is controlling the near-term direction of the AUD/USD. Its 50% level or pivot at .7278 is the nearest upside target and potential resistance level. Wednesday’s downside momentum suggests traders may take a run at the September 29 main bottom.

This is not only resistance but also a trigger point for an acceleration to the upside. Tron and Cardano Down by More Than 5% After eToro Delisting. ASX200: Futures Point Northwards. For a look at all of today’s economic events, check out our economic calendar.
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