AUDUSD: Last week I wrote “the pair’s exhaustion above
1.0600 (failure to see a daily close above said level) has stoked a pullback,
and with a fundamental catalyst (Chinese worries), near-term price action is
biased lower.” Prices continue to consolidate, and it very much appears that a
Top is being formed on the 4-hour charts. Near-term resistance comes in at
1.0535/45 (former swing highs), 1.0580, 1.0600/15 and 1.0630. Daily support
comes in at 1.0480/1.0500 (last week’s low), 1.0435/45, and 1.0380/85.
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