A rally and setback Tuesday from ahead of retrace/ chart barriers at .7880/.7908, to prod minor support at .7734, to leaves negative pressures, particularly from the Friday Gravestone Doji.
Bigger picture for February we restate that "whilst capped below .8027 we see bigger bear pressures intact for the month" .
The early February breakdown to another new cycle low through our next target at .7702 (a key monthly low from 2009), reinforced the January break below the .8000 psychological/ option target and key .7950, 61.8% retrace of the entire 2008-2011 rally.
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2 Hour AUDUSD Chart