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After two days of consolidation, today the AUDUSD left the important (orange) resistance zone. The breakdown took place thru the top, which from a technical point of view may determine further growth. If this happens, in the near future we could expect to test the area around 0.7890, 0.7980 or even 0.8100 again.
The current situation on the GBPUSD currency pair is also very interesting, where as a result of the increases lasting since last Friday, the rate reached the area of a very important resistance zone. Permanent defeat or rejection of this level could determine the future direction of movement on this instrument.
The pro-growth scenario on AUDUSD and GBPUSD also confirms the current situation on the USDCAD currency pair, where as a result of yesterday’s increases, the recently defeated support (now resistance) has been re-tested. There also the supply reaction appeared and today the declines are continued. If there is no strong demand reaction in the near future that would negate this breakdown, potential drops could reach even vicinity of the level of 1.2260.
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