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Technical Analysis: Break of weekly support line signals return of 0.5700 for AUDUSD

With the clear break of the weekly ascending support line, AUDUSD is likely to decline towards the weekly low surrounding 0.5700. However, 23.6% of Fibonacci retracement could offer an intermediate halt to the pair around 0.5780. If the Aussie prices remain on the back foot past-0.5700, 0.5630, 0.5510 and 0.5500 will be on the Bears' radar.

Alternatively, the pair's pullback moves beyond the support-turned-resistance near 0.5950/55 will have to clear 0.6075 to target a 50% Fibonacci retracement level near 0.6100. If at all the bulls manage to remain positive beyond 0.6100, 61.8% Fibonacci retracement and the weekly top, respectively around 0.6235 and 0.6330, could return to the charts.

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