In the previous AUD/USD forecast we noted that the currency pair was bullish for the week. It had since breached the middle bollinger band. Bollinger bands could be a good indicator of possible support and resistance regions. From a technical point of view, the middle bollinger band might serve as an immediate support for now. Should the bullish momentum continued, 0.75 might be tested.
Looking at the AUD/USD weekly chart above we note that the currency pair turned bearish for the week. It punched right through the middle bollinger band.
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