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Thursday, November 19, 2009

AUD/JPY weekly technicals

The market rally stopped at the major 61.8% retracement level which is a good sign for the bears. Nevertheless there is a very strong daily uptrend to be broken before the reversal is confirmed. The daily uptrend comes in around 80.00, and there is more solid support in the form of a daily low and the 100-day MA around 79.50 which will also lend support. A daily close below the latter will confirm my analysis that a reversal is underway.

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