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Holding Above The 20-Day EMA

AUDUSD TECHS
  • RES 4: 0.7465 76.4% retracement of the Apr 5 - May 12 bear leg
  • RES 3: 0.7400 Round number resistance
  • RES 2: 0.7343 61.8% retracement of the Apr 5 - May 12 bear leg
  • RES 1: 0.7283 High Jun 3 and the bull trigger
  • PRICE: 0.7178 @ 15:55 BST Jun 9
  • SUP 1: 0.7116/7036 Low Jun 9 / May 25
  • SUP 2: 0.6950 Low May 18
  • SUP 3: 0.6829 Low May 12 and the bear trigger
  • SUP 4: 0.6805 Low Jun 22 2020

AUDUSD returned lower Thursday, reversing course after challenging, but failing to break, the 50-dma. First key support at 0.7036, however, remains intact for now. The bear trigger holds below there at 0.6829, May 12 low. As such, the outlook is bullish following recent gains and the break above the 20- and 50-day EMAs. This signals scope for 0.7343, a Fibonacci retracement. Note that the current bull cycle is still considered corrective.

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