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MNI: PBOC Injects CNY2 Billion Via OMOs Thursday
MNI: PBOC Yuan Parity Higher At 6.9967 Thursday; -3.57% Y/Y
Testing Trendline Resistance
- RES 4: 0.7318 76.4% retracement September Sell-Off
- RES 3: 0.7318 High Sep 21
- RES 2: 0.7258 61.8% retracement September Sell-Off
- RES 1: 0.7243 High Oct 10 and the intraday bull trigger
- PRICE: 0.7234 @ 06:24 BST Oct 12
- SUP 1: 0.7160 20-day EMA
- SUP 2: 0.7096 Low Oct 7 and the intraday bear trigger
- SUP 3: 0.7070 Low Sep 29
- SUP 4: 0.7006 Low Sep 25 and the bear trigger
AUDUSD rallied sharply higher Friday clearing resistance at 0.7209, Oct 1 and 6 high. This has brought the pair into contact with trendline resistance drawn off the Sep 1 high. The line intersects at 0.7232 today. A move above Friday's high of 0.7243, would confirm a breach of the line and reinforce S/T bullish conditions, opening 0.7258, a Fibonacci retracement. Initial support is at 0.7160, a break would highlight a possible failure at the trendline.
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