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AUD/USD Weekly Report


AUD/USD’s robust was rebound final week was capped beneath 0.6666 resistance, and adopted by equally steep decline. Preliminary bias stays impartial this week first, with deal with 0.6503 help. Decisive break there’ll point out that bigger fall from 0.6870 is able to resume, and switch bias to the draw back for 0.6442 low. For now, threat will keep on the draw back so long as 0.6633 resistance holds, in case of restoration.

Within the larger image, value actions from 0.6169 (2022 low) are seen as a medium time period corrective sample to the down pattern from 0.8006 (2021 excessive). Fall from 0.7156 (2023 excessive) is seen because the second leg, which could nonetheless be in progress. General, sideway buying and selling may proceed in vary of 0.6169/7156 for some extra time. However so long as 0.7156 holds, an eventual draw back breakout could be mildly in favor.

In the long run image, the down pattern from 1.1079 (2011 excessive) ought to have accomplished at 0.5506 (2020 low) already. It’s not sure but whether or not value actions from 0.5506 are creating right into a corrective sample, or pattern reversal. However in both case, fall from 0.8006 is seen the second leg of the sample. Therefore, in case of deeper decline, robust help ought to emerge above 0.5506 to carry reversal.

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