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AUD/USD – All Coiled Up Between Converging Trendlines
Coiling: The AUD/USD fell into fresh lows for the week last Friday even after a positive NFP which usually boosts risk and AUD/USD. Still, we can’t say that the AUD/USD is bearish yet, at least when looking at the 4H chart. Despite the failure to truly clear the 1.0395-1.0410 resistance area, the Aussie is still holding above a rising support area. A break below 1.03 will be needed to clear below the rising support as well as range support to introduce the bearish outlook. Otherwise the market remains coiling between converging trendlines (flat resistance, rising support), with just as likely a break to the upside. ... (full story)
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