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AUDUSD Boxed in Ahead of Australia Employment Figures

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Despite a brief rally on Monday from 0.7500, an area that I mentioned over the weekend, the AUDUSD has picked up right where it left off last week. And with yesterday’s session closing below the August lows, upside potential could be limited going forward.

However, a confluence of support lies just below current prices at 0.7420/30. This area includes channel support that extends from the current 2016 low at 0.6827 as well as two prominent July lows.

With less than 100 pips from floor to ceiling, the pair finds itself boxed in ahead of Australia employment figures at 9:30 pm EST.

As always, we’ll have to wait and see where prices go from here. But given the recent rejection from three-year channel resistance and yesterday’s close below the 0.7500 handle, my bias remains weighted to the downside.

As I shared on Sunday, I’m short from 0.7648 and will look to add to the position should a favorable opportunity arise.

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2 comments
Raj Jadeja says

Absolute superb analysis JUstin

Reply
    Justin Bennett says

    Thanks, Raj. Glad to hear it.

    Reply
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