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Approaching Key Resistance

AUDUSD TECHS
  • RES 4: 0.6921 High Feb 20
  • RES 3: 0.6861 50.0% retracement of the Feb 2 - Mar 10 bear leg
  • RES 2: 0.6824 High Feb 24
  • RES 1: 0.6806 High Apr 14 and key resistance
  • PRICE: 0.6788 @ 07:57 BST May 8
  • SUP 1: 0.6709 50-day EMA
  • SUP 2: 0.6640/6565 Low May 4
  • SUP 3: 0.6565 Low Mar 10 and the bear trigger
  • SUP 4: 0.6547 61.8% of the Oct - Feb bull cycle

AUDUSD is trading higher today and is extending gains above the 50-day EMA. The focus is on key resistance at 0.6806, Apr 14 high. A clear break of this level would strengthen a bullish case and open 0.6861, a Fibonacci retracement. On the downside, key support to watch lies at 0.6565, Mar 10 low. Clearance of this level would be bearish and would instead resume the downtrend that started Feb 2.

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