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AUD/USD Maintaining a Price Bottom Scenario

AUD/USD has been trading in consolidation mode since 2015. This consolidation can be seen as "accumulation" during a downtrend, which could be the basis for a subsequent uptrend. 

$AUDUSD Weekly Chart

(click to enlarge)

- The weekly chart shows that price is still above a falling trendline support.
- Holding above this support, around 0.7500 will be an important indicator for the bullish outlook.
- Note that the RSI in the weekly chart is right around 40. If AUD/USD is indeed building up a bullish scenario, the RSI should hold above 40.
- In this bullish scenario, there is at least upside to the 0.81-0.8150 resistance area. 
- A break above should open up the 0.86-0.8650 area. 

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