AUD/USD: Watching intraday support at .7725

AUD/USD traders had been eyeing important technical support at .7725 and yesterday’s break below, and the subsequent poor jobs data, would seem to have confirmed that more downside was ahead.

The Australasian market walks in this morning to see AUD/USD back above that technical level and there will be seeds of doubt sown amongst the big macro short positions.

If the market tests .7725 this morning and cannot break through, then I will look to add to my medium term (and currently under water) long position.

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