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AUDUSD Weekly Analysis - February 28, 2016

Long Term Forex Analysis | by ForexCycle.com | Sunday, 28 February 2016 13:19 UTC
AUDUSD's rise from 0.6826 extended to as high as 0.7258. Further rise to test 0.7439 key resistance is possible next week, as long as this level holds, the price action in the range between 0.6826 and 0.7439 could be treated as consolidation of the downtrend from 0.9504 (Jul 1, 2014 high), another fall towards 0.6500 could be expected after consolidation. However, a break of 0.7439 resistance will indicate that the downtrend had completed at 0.6826 already, then the following upward movement could bring price to 0.9000 area.

audusd chart

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