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16.07.201915:13 Forex Analysis & Reviews: AUDUSD shows rejection signs at major resistance

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AUDUSD has reached important resistance area at 0.7040-0.7050 and shows weakness and reversal signs. It is important for bulls to break above this resistance area in order to hope for a move towards 0.72 and higher, otherwise there will be danger of falling towards 0.68 or lower.

Green line - resistance trend line

Red rectangle -major horizontal resistance

AUDUSD has reached the green downward sloping resistance trend line. Price has so far made a double top at the 0.7045 area inside the red rectangle. In order for bulls to retain control of the trend, they will need to break above this resistance area. Otherwise bears will take over control of the trend. Support is found at 0.6910 and failure to hold above this level will open the way for a move towards 0.68 and lower.

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