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AUD/USD: Bullish Outlook

Published 09/10/2013, 01:31 AM
Updated 07/09/2023, 06:31 AM
AUD/USD
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AUD/USD

BIAS:

We should see gains to 0.9258 before a correction and up to 0.9269-79 and 0.9317-27

Resistance: 0.9258 0.9269-79 0.9595 0.9317-27

Support: 0.9216-25 0.9187 0.9166 0.9150

MAIN ANALYSIS: Yesterday seems to have sorted out the structure, and is clearly bullish. What seems to be coming up is a rather choppy rally, but with the corrections relatively shallow. I suspect this current move should stall at 0.9258 for a correction of around 25-35 points. From there look for 0.9269-79. Again look for a correction - estimated to be around 30-50 points and then finally up to the 0.9317-27 projection area. Take care here as this could provoke a much deeper correction of around 150 - 180 points.

COUNTER ANALYSIS: Only directly below 0.9180 and 0.9166 would risk collapse through 0.9115-35 and to 0.9070…

MEDIUM TERM ANALYSIS:
September 10th: The bullish outcome looks decided, and is initially moving up to 0.9317-27. Following a correction of around 150 - 180 points the rally should resume back to around the 0.9317-27 area and later to the 0.9380 - 0.9404 area. The risk will then be for a reversal lower.

Below 0.9130-66 could bring the risk of deeper losses 0.9070-85, and later to 0.9000 confirming the downside.

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