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After bouncing and continuing higher from the pin bar we mentioned yesterday, the 1hr chart on the Aussie looks like the bulls are squeezing out the bears trying to take out the short term resistance at 1.0089. Although the bounce off the oversold lows the other day has the presence of being more corrective than impulsive, the short term picture although timid favors more upside.
We just climbed for 3hrs in a row and the 20ema continues to underpin this pair on pullbacks, with no close below it since yesterday. The recent doji right above the prior close highs at 1.0076 looks like the final presence of the bears being pushed out, thus we are favoring an upside break …... Keep reading