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Fan Yang

AUD/USD Breaks Key Resistance

Last week, we saw AUD/USD rally and test a key resistance area. Basically, AUD/USD was trying to break an ascending triangle. This week, we saw the pair successfuly break above the resistance, signaling further bullish outlook.

AUD/USD Daily Chart

(click to enlarge)

- As we can see, price has cleared key resistance lines of the consolidation pattern that goes back to early 2016.
- Basically, price has been in sideways action under the 2016 high, but has now broken through - a bullish sign.
Upside; Support:

- As noted in the previous update, the upside for this break is 0.80, 0.8170, and 0.83. 
- Also, if price pulls back, the 0.77 area should provide support. So if price holds above 0.77, AUD/USD should be in a bullish mode.
- But I think a break below 0.7540 will be needed to open up the bearish outlook.

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