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Technical Analysis: Australian Dollar holds position around 0.6550

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The Australian Dollar trades around 0.6560 on Monday. The pair has extended its advance within a symmetrical triangle formation, with the 14-day Relative Strength Index (RSI) positioned above the 50-level, affirming a bullish stance.

In terms of potential upward targets, the AUD/USD pair may set its sights on the psychological barrier at 0.6600 and subsequently aim for the upper boundary of the triangle, situated around 0.6639.

On the downside, immediate support is anticipated around the psychological threshold of 0.6500. Should this level be breached, it could pave the way for further downside momentum, with the subsequent notable support zone lying around 0.6443, followed by additional support levels at April’s low of 0.6362


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