Ransquawk

In the last days, a correction is visible on the US currency. For now, the Australian currency uses it to a moderate extent. On the daily chart AUD/USD, only a modest decelerate of declines is noticeable. If, however, the said adjustment is prolonged, it is possible that the price will start to grow, even to the nearest resistance, i.e. around 0.7450. The second resistance is the trend line, which combines a series of highs, as you can see it is extremely well respected. The upward trend is also supported by the weekly chart, the fragment of which can be seen in the upper right corner. We end the third week in a row with a long shadow, indicating the potential defence of support based on a low from more than a year ago. It seems, therefore, that the demand side is facing a chance to recover from recent declines.

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Ransquawk