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AUSSIE TECHS: Monitoring The Broad Double Bottom?
*RES 4: 0.6969 200-DMA
*RES 3: 0.6911 Low Jul 10
*RES 2: 0.6895 High Sep 12 and key resistance
*RES 1: 0.6883 Intraday high
*PRICE: 0.6859 @ 09:30 GMT Oct 22
*SUP 1: 0.6811 High Oct 11 and recent breakout point
*SUP 2: 0.6752 Low Oct 17
*SUP 3: 0.6745 Trendline support drawn off Oct 2 low
*SUP 4: 0.6724 Low Oct 16 and near-term trend support
AUDUSD is this morning giving back some of its gains. Bulls however remain in
charge with the pair approaching key resistance at 0.6895, Sep 12 high. A break
of 0.6895 would represent a significant technical development and confirm a
broad double bottom reversal pattern that appears to be developing on the daily
chart. On the downside, initial support is seen at 0.6811, Oct 11 high. Key
trend support for now is at 0.6745, the trendline drawn off Oct 2 low.