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AUD/USD: Critical medium-term support by 0.8730 has now been taken out to trigger the formation of a major double top that now projects a fresh wave of declines down towards 0.8000 over the coming weeks. Daily studies are looking stretched, so from here, we would not rule out the potential for a short-term bounce. However, any rallies should be well capped by 0.9000 ahead of renewed weakness.
Written by Joel Kruger, Technical Currency Strategist for DailyFX.com
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