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Despite the fact that the AUDUSD currency pair still did not test the upward trend line, as a result of the last appreciation, once again pair is found in a very important (orange) resistance zone in the area. Permanent defeat or rejection of this level could determine the future direction of the move for the next days and possibly weeks.
As a result of the ongoing from March 19 this year declines, the USDCAD rate beat a relatively significant level of support yesterday. If there is no strong demand reaction in the near future that could negate this breakdown, we could expect from a technical point of view continuation of declines. Potential range for further depreciation could, in this case, be even around 1.20. Before this happens, the market would have first to defeat two other supports located next to the levels at 1.2265 and 1.2110.
As a result of recent increases, the AUDJPY overcame the upward trend line, which was tested and rejected from the top (as support). Yesterday local resistance was also defeated. Nevertheless, we have been observing declines for several hours. If this tendency continues, in the near future we could expect a re-test of the level we defeated yesterday, and the rejection of this zone could open the way for further increases even in the vicinity of the orange resistance zone.
The current situation on the CADCHF currency pair began to look very interesting, as a result of the ongoing activities from the second half of March this year. the market has reached a quite significant level of resistance. Rejection of this zone could open the way to new drops, for which the potential range could even be around last year’s lows, ie level 0.7126.
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