The AUDUSD technical pattern remains bearish. Although we got a weekly close above the big round number 0.7500, AUDUSD is still correcting the cycle from December low. We can still see a retest of the 0.7600 resistance level before the downside can resume. A break and a close below 0.7500 can open up the door for a retest of the 0.7450 support level. The stochastic
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The only big risk event for the AUDUSD exchange rate is the Australian Unemployment rate. The unemployment rate unexpectedly eased to 5.8% sending mixed
. The fundamentals don’t yet support the AUDUSD exchange rate at current level, which is the reason why we remain cautiously bearish.
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