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AUD/USD Plunging in a Major Double Top Formation
1.0200, 1.00: - AUD/USD is falling sharply. It has completely decoupled with gold, which continues to make record highs. - After breaking below 1.0780 area, the AUD/USD looked for the 1.0440 consolidation support, but the market has broken below that , and is now heading to our next targets, just above 1.0200. - Note the RSI is finally kissing 30, and establishing bearish momentum for the medium term. - After such a strong decline, we are likely to find some pullback. It might not be deep, especially if the fall trips the 1.0200 area tomorrow. - The 200SMA might give the market a place to take a breather near 1.0300. ... (full story)