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The AUD/USD rose today, breaking the parity level that gave us pause when accessing its continued bullishness. Because of this, it now appears that this pair is destined to retest the 1.02 level as it is the top of this consolidation range.
What was once thought of as an ascending triangle is now a rectangle. Because of this, the implied move is a bit smaller as the rectangle is only 500 pips, while the triangle measured 700. If we get that break above 1.02 that we have been waiting on, this pair should target 1.07 before the move is completed. A break below has us aiming for the 0.92 handle. Shorter time frames may give better entries as the playing field is clearly marked in this pair at the moment.
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