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AUDUSD t-line keeps pressure on, but break could lead to pop
AUDUSD remains extremely congested, so much so that its 2-week range when adjusted for current volatility ranks as nearly the smallest one seen in at least a year. Something is likely to give soon. Given the steadfast line of resistance running lower since January 2018, I will continue to run with a bearish trading bias. Right here, right now there is decent risk/reward for bearish bets as Aussie sits at the trend-line. A breakout beyond 7168 will negate a bearish bias, and possibly turn focus towards longs. A move lower, despite looking for some type of uptick in volatility, isn’t expected to be all that powerful at this time. Support just above 7000 and the lower trend-line near the mid-6900s will be initially targeted.
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AUDUSD Daily Chart (t-line resistance)
AUDJPY nearing top of well-defined range
AUDJPY is working its way back towards the top of a well-defined trading range around 7981. A test of the upper-bound will be viewed as a time to look for another turn lower, just as another push and touch of the lower-bound will be viewed as a time to look for a swing back higher. At some point the range will break, but until it does we have to operate with what is presented in front of us. A breakout should lead to a strong move when it does finally unfold, so those looking for candidates which could make big moves, AUDJPY is a good one to keep on the radar.
AUDJPY Daily Chart (Range for now, eventually breakout)
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---Written by Paul Robinson, Market Analyst
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