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AUD/USD Channeling; At Resistance
Consolidation: The 1H chart of the AUD/USD shows a market rallying in a wedge from 1.0315 to 1.5337. It caused the RSI in the 1H chart to kiss 70 after seeing it dip below 30, reflecting some bullish bias, but overall range-bound trading in the short-term. It then anchored out of the wedge in a channel. After testing 50% retracement at 1.0424, the market rallied sharply and is now testing the channel resistance. Note the RSI reading in the 1H chart stuck between 40 and 60, reflecting neutral momentum. As we gear up for the Friday European session if the market stays above 1.0450, and closes above 1.0512, we can be in ... (full story)
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- Fxbay
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- rankinchopra
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