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Wednesday, October 19, 2011

AUD/USD - Double top in place?

We might just have seen a minor double top. A formation that will be confirm upon a break below the 100.98 - 101.14 area. A break below 100.98 will trigger the double top for a decline towards strong support near 98.61, which is also where we find the mid-line of the Pitchfork.
As long as support at 100.98 isn't broken a new move higher towards 103.50 can't be excluded, but it's not my preferred scenario.

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