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As a result of the ongoing since mid-March, this year declines, the AUDCAD has reached the area of quite significant support, where the demand reaction appeared on Wednesday. Permanent rejection of this zone could open the way for at least an upward correction.
The bullish scenario at AUDCAD also supports the current situation on the CADJPY pair, where the price has been moving south again for three days. If this tendency is continued, we could expect to re-test the orange support zone or even the 80.70 support area in the near future.
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The current situation on the EURAUD currency pair is also very interesting, where, as a result of recent declines, the rate reached the area in the vicinity of the lower limit of current consolidation. Permanent rejection of this support could open the way to new increases. If, however, the zone is defeated, potential drops could reach levels around 1.5630 or even 1.5220.
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