This trade steup on AUD/USD is formed by a period of consolidation; a period in which the price primarily moves sideways before choosing a new direction for the longer term. Because of the bearish breakout through support, it seems to suggest that we could see the next price move to 0.6529.
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Supports and resistances are primary concepts of technical analysis. EURCAD is heading for an important price of 1.5001 – read about what this could mean for the future.
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