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AUD/USD Weekly Report

aud/usd-weekly-report

AUD/USD’s decline from 0.7156 resumed final week and fell to 0.6284. However a short lived low was then fashioned with subsequent restoration. Preliminary bias stays impartial this week for consolidations. Outlook will keep bearish so long as 0.6500 resistance holds. Beneath 0.6284 will resume the autumn from 0.7156. Subsequent goal is 100% projection of 0.7156 to 0.6457 from 0.6894 at 0.6195.

Within the larger image, down development from 0.8006 (2021 excessive) is presumably nonetheless in progress. Decisive break of 0.6169 will goal 61.8% projection of 0.8006 to 0.6169 to 0.7156 at 0.6021. It will now stay the favored case so long as 0.6894, in case of sturdy rebound.

In the long run image, whereas fall from 0.8006 would possibly prolong decrease, the construction argues that it’s merely a correction to rise from 0.5506 (2020 low). In case of draw back extension, sturdy assist ought to emerge above 0.5506 to convey reversal. However nonetheless, momentum of the subsequent transfer will likely be monitored to regulate the evaluation.

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