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Good day forex traders.
In the previous AUD/USD forecast we noted that it was at the crucial region of 0.76. While this support held many times previously, we shouldn’t assume that it would continue to do so. I advised everyone who was planning to trade to carefully calculate the risk and reward parameters. Should this level fail we might expect more bearish momentum.
With regards to the bulls, 0.785 remained the target to be breached before further upside moves.
Technical Analysis
Looking at the AUD/USD weekly chart above we note that the currency pair was bearish for the week. It managed to extend beyond 0.76 and is now at 0.7510.