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AUDUSD scrunches together. Look for a break.

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Lower trendline. Upper trend line and 200 hour MA

The  AUDUSD is scrunching together in a confined space.  On the top, the 200 hour moving average currently comes in at 0.6908 . Just above that is a topside trend line on the hourly chart at 0.6911 . 

Lower trendline. Upper trend line and 200 hour MA

On the downside, a lower trendline comes in at 0.6893, and below that are 3 moving averages including the:

  • 200 day moving average at 0.68901
  • 100 hour moving average at 0.68843
  • 200 bar moving average on the 4 hour chart at 0.68718

Traders will be looking for a break in either direction. Right now the topside resistance levels are being tested. If broken, the 38.2% retracement at 0.6918 and the 100 bar moving average on the 4 hour chart (held resistance yesterday) at 0.69247 will be the next hurdles to get to an through. 

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