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In the previous AUD/USD forecast we noted that the currency pair was again bearish for the week. It was at 0.7369 and below the bottom bollinger band. The extended bearish target of 0.72 was within reach and continued bearish pressure would likely achieve it. With the price action below the bottom bollinger band, many analysts were looking out for a bearish trend.
Technical Analysis
Looking at the AUD/USD weekly chart above we note that the currency pair was again bearish as expected. It is now just off the extended bearish target of 0.72.