AUDUSD Testing Weekly Chart Downchannel Resistance

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The AUDUSD powered ahead in today's Asia morning on the back of the FOMC, but after surging roughly 100 pips from yesterday's lowest point to current levels, is vulnerable to healthy profittaking today. Significantly, the AUDUSD is bumping up against upchannel resistance (on the 4hr chart), triangle resistance (on the daily chart) and weekly downchannel resistance (on the weekly chart). Bulls will increasingly buy on dips as a breakout above the next whole figure level of .7200 will be seen by many as marking the end of the year plus downtrend. The weekly, daily and 4hr RSI, Stochastics and MACD are bottomish or rallying. I am looking at entering long in the green zone (of the daily chart), targeting the red zone for Tuesday. The amber/yellow zone is where I might place a stop if I was a swing trader (although in my personal account with which I seldom hold overnight I sometimes set my stops tighter).

AUDUSD Weekly/Daily/4hr

AUDUSD Technical Analysis

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