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AUD/USD Has 1.04 In Sight After Double Top
AUD/USD had broke below a consolidation support at 1.06, essentially completing a double top seen in the daily chart. The breakout target using the width of the pattern projected in the direction of the breakout from the point of breakout, points toward 1.0350. The 200-day simple moving average is near 1.04. Breaking below 1.06 therefore opens up at least 1.04. In the daily chart the RSI is testing 40, a break of which confirms the loss of bullish momentum. Will this lingering bullish momentum give the market a pullback? The 4H AUD/USD chart shows the market a bit oversold, and does suggest a pullback as the market ... (full story)