The Reserve Bank of Australia's minutes are coming up and AUD/USD is trading water above 0.71 the figure. AUD/USD is on the verge of a downside correction as per the longer-term outlook as follows:
The weekly chart's recent lows are hanging over the abyss and the market could be on the verge of a significant downside extension.
The current daily support will be targeted which opens the abyss.
A break of the support and retest as per the 4-hour chart could be the next path for the pair.
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