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Thursday, June 21, 2012 7:11:54 AM
AU 4 Hour Chart
We broke below the first trend line support inside the larger channel. We've now come back down to test the EMA21 here on the 4 hour chart as support. The next support level is between 1.0065 and 1.0080 depending on how long it takes the price action to get down to the bottom trend line here. The 23.6 fib retrace of this entire move up is 1.00738 so I'd say my 1.008 TP target is the most likely on the first retrace.
We broke below the first trend line support inside the larger channel. We've now come back down to test the EMA21 here on the 4 hour chart as support. The next support level is between 1.0065 and 1.0080 depending on how long it takes the price action to get down to the bottom trend line here. The 23.6 fib retrace of this entire move up is 1.00738 so I'd say my 1.008 TP target is the most likely on the first retrace.
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