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AUD/USD Technical Analysis – Correction
The 4-hour chart for AUD/USD shows that the price is correcting lower from the resistance of an ascending broadening wedge pattern at $0.64. This correction has led the price toward the $0.63 region. This region is the neckline of an inverted head and shoulders pattern, indicating a support zone and suggesting a potential rebound in AUD/USD. However, the RSI is still declining toward the oversold level, signaling the possibility of further downside before a reversal occurs.
