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π’Forex Pair: AUD/USD
βͺTechnical Analysis: Since the 6th of January 2021, the price has been following an interesting descenging channel, after it reached a strong weekly resistance zone at about 0.78100. The price got few rejections on that level, creating every time a lower high and it's now approaching to re-testing the same resistance zone.
π΄Conclusion: A strong bearish pin bar just around the support level at about 0.76650 , pushed the price up and it is eventually going to re-test the main resistance zone. I'm confident to follow this nice descending channel and I'll be waiting a clear rejection on its dynamic resistance line before planning my short position on this trade.
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