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Hugo in HTO Trading,

AUDUSD: Lower high, potential sign of weakness

Since the beginning of the year the currency gained over 2.0% however last week plunged more than 1.5%, but still continues in a bullish phase since mid-June.

Last week the AUDUSD fell with a wide range and closed near the low of the week, in addition managed to close below the previous week low, suggesting a strong bearish momentum.

The stochastic is showing a weak bullish momentum although is above the 50 mid line.

Expecting an upward move to a weekly resistance at 0.7533 on a bounce of a key level at 0.7385 (scenario 1) but a break below the key level at 0.7385 could drag the currency down to a weekly support at 0.7160 (scenario 2).