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Chart of the Day - AUDNZD - 26th September 2019


Support Becoming Resistance?


Today, we have a few opportunities but will focus on the AUDNZD, we can note from the 5th August we have been in a strong uptrend from lows of 1.0264 with highs at the 1.0828 area.

We have fallen off this area to retest the upward trendline and broke out on Wednesday before it faked out, with a daily hammer which seemed bullish moving back within the trendline.

But we have broken again with a strong negative candle, we will see if the daily candle closes negative leading on to looking at the 4 hour chart to see if we retest the underside of the trendline and then the first challenge is 1.0704 support and 23.6% fib then continue lower into the 1.0667 area.



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