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AUD/USD: Bulls don’t believe in their strength

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On the AUD/USD daily chart, there is a consolidation in the range of 0.7575 – 0.7635 within the correction towards the upward near-term trend. To restore the uptrend, the Bulls need to meet the following conditions: to test the resistance at 0.7635 and to return quotes within the borders of the upward trading channel.

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On the AUD/USD hourly chart, the failure of the Bulls to test the resistance at 0.7675 – 0.768 might lead to the formation of the Head and Shoulders pattern. For its realization, a downfall of quotes below the supports at 0.7575 – 0.758 is needed.

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