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AUDUSD Key Resistance Challenged Following Upbeat Aussie Data
Following the confirmation of the upward sloping flag in early May, AUDUSD slid 420 pips before eventually finding support at 0.7140. Since that time the pair has rallied 115 pips off of recent lows. With this surge came several emails asking whether I’m bullish or bearish on the Australian dollar. My answer – neither. But there is one level that could determine the immediate path forward for the pair. The 0.7242 handle capped every advance in February and was also the weekly open on May 16th. The level has subsequently acted as resistance on numerous occasions beginning on May 19th. Today’s session is testing ... (full story)