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Technical Analysis: AUDUSD eases from 7-week-old resistance line

With the RBA's status-quo failing to propel the AUDUSD beyond late-January tops, a short-term rising trend line seems to trigger the pullback moves amid overbought RSI conditions. However, March month high near 0.6685 and 200-day SMA around 0.6655 could keep the bears chained. Should the pair slips below 0.6655 on a daily closing basis, April top close to 0.6570 and 61.8% Fibonacci retracement level of 0.6450 could return to the charts.

Meanwhile, an upside clearance of 0.6830 resistance line could escalate the north run towards the early-January low near 0.6850. However, 0.6933 and 0.7000 psychological magnet will probe the bulls afterward. Given the AUDUSD price rally beyond 0.7000, December 2019 top surrounding 0.7035 will be optimists' favorite.

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