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Technical Analysis: AUDUSD probes yearly resistance line on China trade data

Following its successful rise above the 50-day SMA, AUDUSD trades near the monthly top while also challenging the descending trend line stretched from December 31, 2019, near 0.6445 now. Not only the multi-day-old resistance line but 61.8% Fibonacci retracement of the pair's current year fall till March 19, around 0.6450, also question the pair's further upside. If at all the prices manage to stay positive beyond 0.6450, the previous month high close to 0.6685 and 0.6700 will lure the buyers.

Meanwhile, a daily close below 50-day SMA level of 0.6370 could trigger fresh pullback moves towards a 50% Fibonacci retracement level of 0.6265. Though, March-end top near 0.6210 will restrict the quote's additional downside, if not then 0.6000 and the current month low around 0.5980 may return to the charts.

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