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Key Technical Levels and Outlooks for AUD/USD and NZD/USD
USD strength has been taking a break. The ailing AUD/USD started the year falling until 0.7626 at the beginning of February. It has since consolidated up to 0.7875. Last week, we saw a failed attempt to continue the downtrend, as AUD/USD held above that 0.7626 low. Instead of extending lower, price remained in consolidation at the end of the week, and has so far edged up above 0.78 this week. The 4H chart shows a pair trying to form a price bottom, but the 0.7850-0.7876 area will be key resistance. Going with the prevailing downtrend, we should not be surprised if sellers fade a rally to this area back towards the ... (full story)
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