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AUDUSD Plumbing New Depths, 5-Year Low in Sight
Last week, we highlighted a crystal-clear bullish channel in GBPAUD and discussed the technical setup that suggested rates could rise to 1.9335 next (see “GBPAUD Peeking Out to a New 5-Year High – Could 1.94 Be Next?” for more). As it turns out, there’s a similarly strong bearish channel on the more widely-traded AUDUSD, suggesting that the beleaguered pair may soon revisit its 5-year low at .8070. The bearish channel began back in mid-November, when the pair’s short-term bounce from .8540 sputtered out (not shown). Over the past four weeks, rates have tested the bearish trend line resistance nine separate ... (full story)