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AUDUSD neutral bias below 0.77

Discussion in 'Technical Analysis' started by FXStreet_Team, Apr 14, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    AUDUSD has had a short term neutral bias in the last couple of weeks. The pair has been trading in a broad range of 0.7500 – 0.7700 since early March. After a decent rally from 0.6826 to a 9-month high of 0.7722, the market approached overbought levels (RSI reached 70) and consequently there was consolidation after this move. After several tests of the key 0.77 level, prices have failed to make a daily close above this level, which is acting as strong resistance. A high of 0.7715 was hit on

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