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AUDUSD technical analysis

AUDUSD Tech analysis by Simon Kazinsky on 04:10 April 27, 2015 EST

AUDUSD is still well into our long term bearish area but it may be forming a temporary bottom.

The pair has broken above a moving average that has capped most of its decline and that served as successful resistance multiple times.

Below 0.7750 will mean that the decline is likely to resume. Major resistance lies at 0.8415. The bearish long term outlook will only reverse above 0.88.