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DAILY TECHNICAL ANALYSIS 07/02/2023
AUDUSD has been trading in an uptrend since the beginning of the year, recently managed to break the trend line and form a week-long consolidation. Now the price managed to break below this range with two solid bearish candles. We may see a move up to 0.69976 to retest this area and a move down around 0.64269. If the price returns to the range again, then we have to wait for stronger confirmations.
DXY seems to have found a lot of resistance at the psychological number 100. Over the past two days DXY has struggled to move and has been trading in a range between 102.60 and 101.53, however, it has managed to make a big move up. The dollar may remain strong for the next few weeks.
The NAS 100 bottomed at the end of the year and then formed a consolidation. With the start of the new year, the price broke through, made a big move up and formed a valid bullish trendline. We may now see a correction to the 12249.38 area and continue its upward movement. If the price fails and breaks below the 12249.38 level then we may see a drop around 11685.34.
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