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AUDUSD – Arrived at Weekly Support (Weekly chart)
Price Action Context
After 7 months of selling, the price action arrived at a clean and well defined weekly support level which in the past has led to two very strong bullish reactions.
The bearish trend that started in the end of January has gotten increasingly more volatile and somewhat unclean lately as the price action on the weekly chart has been closing in on the weekly support, indicating that bullish presence is increasing. LT traders will likely find this weekly support to be a very attractive area to look for potential longs. A weekly break and close below this zone would open up further downside towards 0.6900.