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- AUDUSD failed to breach its trendline resistance on Oct 9 and has since pulled back. This failure at the trendline weighs on the pair.
- Today's sell-off exposes key support at 0.7006, Sep 25 low.
- A break of 0.7006 would resume the downtrend from Sep 1 and open:
- 0.6965 23.6% retracement of the Mar - Sep rally and
- 0.6931 0.764 projection of Sep 1 - 25 sell-off from Oct 9 high
- EURUSD is firmer this week and attention turns to EURAUD.
- EURAUD has confirmed a breakout of a broad range it has been trading within since mid-June. Yesterday's clearance of 1.6586 and 1.6593, Jun 12 and Sep 24 highs respectively confirmed the breakout.
- The breach reverses the downtred between March and June.
- Calculating range breakout projections, 1.7000 appears on the radar.
- With EURUSD gains this week reinforcing bullish developments in EURAUD, watch key EURUSD resistance at 1.1831, Oct 9 high.