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​Technical Analysis: AUDUSD stays bid above 0.7250 support confluence

While extending last week's pullback from 21-day EMA, AUDUSD remains positive during the initial Monday. With an ascending trend line from mid-June joining the stated short-term EMA, buyers are likely to gain more conviction in attacking 0.7300 immediate resistance. It should, however, be noted that 0.7330 can question the bulls beyond the 0.7300 threshold ahead of diverting them to 0.7400 and the monthly peak near 0.7415.

Meanwhile, a daily closing below 0.7250 support confluence can endanger the monthly low of 0.7191. In doing so, sellers may target a 50-day EMA level of 0.7150 ahead of challenging the late-August trough surrounding 0.7140. During the quote's further weakness past-0.7140, a horizontal area comprising the high of June 10 and July 24 low, around 0.7060, becomes the key before diverting the bears towards the 0.7000 threshold.

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