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AUDUSD Buyers Need a Close Above 0.6920 to Keep the Rally Alive
The AUDUSD reached a key resistance area on Thursday. I first wrote about this descending channel that extends from the December 2018 high on July 24. At the time, we were trading the breakdown below 0.6960 with a target of 0.6750. I also wrote about the potential for a higher AUDUSD in the October 5 Saturday Forex forecast. Now that the pair is trading just below resistance, you might think that now is a good time to sell. However, I’m not interested in selling AUDUSD at the moment. While we could see a short-term move lower, October’s bullish engulfing candle hints at a push higher. The AUDUSD is also above the ... (full story)
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