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14.08.202015:50 Forex Analysis & Reviews: AUDUSD short-term technical analysis

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AUDUSD remains in a bullish trend making higher highs and higher lows. Should we expect any time soon a big reversal? What condition needs to be met to get the bearish signal?

Black line - horizontal resistance

Green line - bullish channel

Red rectangles- touches on 0.7050 level

AUDUSD remains inside the bullish channel. Key short-term and medium-term support is found at the horizontal black line and at the lower channel boundary at 0.7050 area. The 0.7050 price level has been tested several times before (red rectangles) from below and price got rejected. Now that price has broken above this level, we consider it to be important support. Breaking below this level will open the way for a deeper pull back probably towards 0.66.

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