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Hugo in HTO Trading,

AUDUSD: The bottom seems to have confirmed for now

Since the start of the year the currency fell more than 11.5% and rose more than 1.0% this past week.

Last week the AUDUSD rose with a narrow range and closed near the high of the week suggesting a slight bullish momentum but was not strong enough to close above the 10-week moving average.

The Stochastic is displaying a bearish momentum and is below the 50 mid line suggesting some weakness in the pair.

The AUDUSD is ready for a phase change going from a bearish to a recovery phase and is trading below all three moving averages the 10, 50 and 200 week moving averages.

Expecting an upward move to a key level at 0.7382 (scenario 1) or even to a weekly resistance at 0.7533 (scenario 2) on a break above the downward trend line at 0.7184.