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AUD/USD Continues Tentative Advance

AUD/USD Continues Tentative Advance

AUD/USD (daily chart) has been rising in a partial recovery after having made a potential trend reversal to the upside in July, August, and September with an inverted head-and-shoulders pattern. The neckline of this pattern was broken to the upside in early September, and the pair subsequently reached up to a high of 0.9527 before pulling back in a steep falling wedge pattern. The pair then broke out above that pattern to resurface above the 0.9400 level, and is currently keeping its head above this level in a slightly bullish consolidation. Further upside momentum on the current bullish reversal that breaks out above the noted 0.9527 high could move the pair towards key upside resistance objectives around 0.9650 and 0.9850. Strong downside support on any subsequent pullbacks currently resides around the 0.9300 level.

AUD/USD: Daily” width=”1332″ height=”721″ />Disclosure: FX Solutions assumes no responsibility for errors, inaccuracies or omissions in these materials. FX Solutions does not warrant the accuracy or completeness of the information, text, graphics, links or other items contained within these materials. FX Solutions shall not be liable for any special, indirect, incidental, or consequential damages, including without limitation losses, lost revenues, or lost profits that may result from these materials.The products offered by FX Solutions are leveraged products which carry a high level of risk to your capital with the possibility of losing more than your initial investment and may not be suitable for all investors. Ensure you fully understand the risks involved and seek independent advice if necessary.

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