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AUD/USD Analysis: Could Trend Bullish

The Australian Dollar surged by 68 basis points or 0.94% against the US Dollar on Tuesday. However, the currency pair surrendered the earlier gains by the end of Tuesday’s trading session.

As for the near future, the exchange rate is likely to trend bullish in an ascending channel pattern. Buyers could target the 0.7380 level during the following trading session.

However, the weekly R1 at 0.7339 could still provide resistance for the currency exchange rate today.

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This overview can be used only for informational purposes. Dukascopy SA is not responsible for any losses arising from any investment based on any recommendation, forecast or other information herein contained.

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