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Today we’re going to focus on the Australian Dollar as I believe it to be one of the more active currencies at the moment with several pairs providing potential setups.
AUDJPY is coming up on a huge support area at 96.0. This area had previously acted as resistance between April and July, and should now put up a good fight as support. This gives us an opportunity to watch for bullish price action to join the rally.
Summary: Watch for bullish price action on a retest of the 96.0 support area. Key resistance comes in at 96.95 and 98.65.
The next AUD pair we’re going to look at is AUDCHF. We’ve been waiting for a daily close below the .8388 level for a few days now, and today saw a close at .83329.
From here we can look for bearish price action on a retest of a new resistance area between .8360 and .8388. You can see from the chart below that this area previously acted as support and resistance between May and June.
Summary: Watch for bearish price action between .8360 and .8388. The next key support comes in at .8210.
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