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AUD/USD: resistance level under attack; double-bottom evolving

   
The aussie has formed a rough double-bottom reversal pattern at the 0.76 lows. The neckline is situated at the same level as the monthly pivot at 0.7804, and a break above 0.7824 would confirm a breach above the neckline and a move higher, towards a target at 0.7945.

Zooming in and it is possible see another more immediate opportunity setting up, at the 0.7765 resistance level, which has successfully resisted price on four occasions, and if finally breached would probably generate a strong and swift move higher, with a target at the 0.7800 level.

AUDUSD16

   
The aussie has formed a rough double-bottom reversal pattern at the 0.76 lows. The neckline is situated at the same level as the monthly pivot at 0.7804, and a break above 0.7824 would confirm a breach above the neckline and a move higher, towards a target at 0.7945.

Zooming in and it is possible see another more immediate opportunity setting up, at the 0.7765 resistance level, which has successfully resisted price on four occasions, and if finally breached would probably generate a strong and swift move higher, with a target at the 0.7800 level.

AUDUSD16



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