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The Aussie dollar found support between $1.23 and $1.24 against its Kiwi counterpart. The trend channel has weakened and AUDNZD is now likely to range between $1.24 and $1.28. The primary trend remains down, however, and failure of support would offer a target of $1.20*.
* Target calculation: 1.24 – ( 1.28 – 1.24 ) = 1.20
Apologies. I messed up the links at the bottom of the Trading Diary newsletter. The correct links are available on the Trading Diary web page and in the right margin of this page — under Recent Posts.