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Approaching Key Resistance

AUDUSD TECHS
  • RES 4: 0.6865 High Feb 22
  • RES 3: 0.6834 3.0% 10-dma envelope
  • RES 2: 0.6818 High May 10 and key resistance
  • RES 1: 0.6807 High Jun 13
  • PRICE: 0.6790 @ 16:13 BST Jun 13
  • SUP 1: 0.6693 Low Jun 9
  • SUP 2: 0.6646 20-day EMA
  • SUP 3: 0.6567/6458 Low May 31 and the bear trigger
  • SUP 4: 0.6403 76.4% of the Oct - Feb bull cycle

The AUDUSD bull cycle that started May 31 remains in play and the pair continues to appreciate. Price is through 0.6733, 76.4% of the downleg in May. This reinforces current bullish conditions and signals scope for an extension towards 0.6818, the May 10 high and a key resistance. On the downside, a strong reversal is required to refocus attention on 0.6458, the May 31 low. Initial firm support is seen at 0.6646, the 20-day EMA.

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