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Good day forex traders and readers.

In the previous AUD/USD forecast we noted that the currency pair did achieve the bullish target of 0.8 as expected. We need to be cautious of the region of 0.81 as we could see on the technical chart considerable price action. A bearish recovery would likely see a return to the 0.785 region.

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Technical Analysis

Looking at the AUD/USD weekly chart above we note that the currency pair did turn bearish as a result of the failure to breach 0.81.

The 0.785 bearish target was achieved and now the AUD/USD is testing the support region of 0.765.

Don’t miss the full forecast. Continue on to TheGeekKnows.com for the full technical analysis and the fundamental analysis of the AUD/USD Forecast Weekly Review to understand more about the underlying market sentiments.

By FXOpen