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Old 07-12-2020, 15:02
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KostiaFM KostiaFM is offline
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Default Re: Daily Market Analysis by ForexMart

AUD / USD. 07.12 | "Inside bar" above the level of 0.7400

On the daily chart, the Australian Dollar / US Dollar currency pair has formed an “inside bar” candlestick pattern based on the resistance level of 0.7400, giving a signal to buy.

At the end of last week, the AUD / USD price renewed its maximum since August 2018 at 0.7448, after which it went into a slight correction. In the medium term, I would like to see further development of the upward trend.

On the one hand, you can take a closer look at purchases according to the specified pattern, on the other hand, first wait for the development of a correction for a more convenient entry into the market. To make a decision, it makes sense to follow the price behavior and the formation of buy signals on lower timeframes. The next upside target is at 0.7500.
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