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Good day fellow forex traders.

In the previous AUD/USD forecast we noted that the currency pair did test the resistance of 0.725 as expected and had earlier made a push for 0.69. There was nothing to suggest that the bearish momentum was over. From the perspective of the bollinger bands, the technical situation was bearish. 0.69 remained a strong support and we would need to see a clear breach of it before expecting further dips. Any bullish momentum might bring us to the bullish target of 0.725.

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Technical Analysis

Looking at the AUD/USD weekly chart above we note that the currency pair was bullish. The region of 0.69 was tested and as mentioned, remains a strong support.

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