AUD/USD Pulls Back into Month Open Price
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
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-“AUDUSD continues to trade between well-defined slope lines but beware of a possible broadening bottom (very difficult pattern to trade). A break above the resistance line being tested right now would indicate an important change in market behavior.” The move completes a broadening bottom. Look towards .8295-.8375.
-Failure at resistance (vicinity of lows in Dec and Jan) casts doubt on the immediacy of bullish prospects. ‘Better’ support may reside near .7630.
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