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AUDUSD Negative Range Bias leaves Risk to .8676, maybe the .8643 Low

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AUDUSD Negative Range Bias leaves Risk to .8676, maybe the .8643 Low

AUDUSD negative tone and support threats

·         Another whipsaw session Thursday to reinforce the range theme, defined by the .8643 cycle low and the .8900 level.

·         The setback from our .8860 resistance maintains a negative bias, despite the bounce from just ahead of .8676 support.

·         However, having pushed through .8705, we see bias back to .8676 and maybe for a retest to .8652/43, through which would see a resumption of a more bearish tone.

WHAT CHANGES THIS?

·         Downside: Below .8643 aims for longer term targets at .8633 and .8595 and maybe for a 2010 swing low at .8315.

·         Upside: Above .8900 aims higher through .8930/35 and .8950 for .9003.

Download our full report with latest screencast & levels here: http://members.marketchartist.com/Daily/AUDUSD.pdf

4 Hour AUDUSD Chart

 

b2ap3_thumbnail_AUDUSD1_20141017-054441_1.png 

 

 

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Steve Miley is The Market Chartist and has over two decades of financial market experience with him. He spent 2009-2012 as a Director of the FX Technical Analysis Research Strategy team at Credit Suisse and was previously at Merrill Lynch for 15 years; 10 years as a technical analyst, 5 years in Fixed Income sales.


He was 2013 winner of the Technical Analyst Magazine Award for Best Independent Fixed Income Research & Strategy, Runner Up for the same award in 2014 and was the winner of Best FX Research & Strategy 2012 (at Credit Suisse).


Steve is a Member of the Society of Technical Analysts (MSTA) and holds a Masters Degree in Politics, Philosophy & Economics from Lincoln College, Oxford University.


Steve has covered all major asset classes including Rates & Credit, G10 & EM currencies, Equity Indices & Sectors and Commodities and has strong relationships across the institutional financial trading spectrum, including Central Banks, Real Money accounts, Hedge Funds and other Global Corporates.

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