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After posting a strong 3 day pullback, the Aussie found strong support at the kijun sen support forming an outside bar in the process. This also coincided with a short term channel support which has now played out 3x on both ends. Although the Kijun is currently flat, it held price and combined with the tenkan climbing, I am expecting more upside.
The chikou though rejected off the Span B and is still having trouble making headway which leaves me to believe upside will be seriously challenged around 1.0450 – 1.0500. Bears can look for price action triggers around here to possibly sell if the pair shows weakness on approach. Bulls meanwhile can look for intraday longs around 1.0200 …... Keep reading