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In the previous AUD/USD forecast we noted that the currency pair was facing strong bearish pressure and 0.9060 might be the immediate support. From a fundamental point of view, the Reserve Bank of Australia was considering an accommodative stance and this spooked currency traders.
Looking at the AUD/USD daily chart above we note that the currency pair did face a support near 0.9060. I have also added resistance levels at 0.9140 and 0.9200. These regions may attempt to limit any bullish correction. The middle bollinger band ( green ) may also exert resistance pressure.
The extended bearish target of 0.8900 remains and I have also plotted a trend line functioning as a support too.
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