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Coiling AUD/USD set for upside range expansion?


The Australian dollar/U.S. dollar currency pair has been coiling for a few weeks now. The bodies of the weekly candlestick bars have been getting smaller as price tested long-term support around 0.7650. This was formerly a major resistance level. In addition, it is also where a long-term bullish trend line comes into play. Thus, the fact that the AUD/USD is holding above this level is significant. Could we now see some range expansion to the upside?

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