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Last week’s event risk has given us several pairs to look at in the week ahead. Some of these setups look ready to trade while some require additional patience. Either way we should have plenty to watch as well as trade in the coming week.
AUDJPY is the first pair I want to highlight. I actually featured this pair in Thursday’s analysis, noting that we were waiting for a break of wedge resistance. The pair broke said resistance on Friday and also managed a weekly close above the November closing price.
This is significant as these levels often act as support and resistance. In fact we can see that the 100.84 level previously acted as support and resistance between November 12th and November 14th. The same level has also been a factor over the last two weeks.
Summary: Wait for a retest of 100.84 and watch for bullish price action. A resistance area can be seen around 101.35, however a more significant level is the year high at 102.80.
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