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Forex

AUD/USD Plunges Below Key Support, Sets Sights on 0.700

Guavy AI Editorial Team
Instruments
AUD
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The AUD/USD pair has come under pressure in recent days, dropping from its high of 0.7238 earlier this month to its current price of 0.7115.

The daily chart shows that the pair has moved below the lower side of a rising wedge pattern and is also trading slightly above the 50-day moving average.

A bearish pennant pattern has formed, indicating that the path of least resistance for the pair is bearish, with an initial target to watch being at 0.700.

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