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Approaching Key Short-Term Resistance

AUDUSD TECHS
  • RES 4: 0.6729/71 High Jan 12 / 3
  • RES 3: 0.6663 High Jan 16
  • RES 2: 0.6625 High Jan 30
  • RES 1: 0.6595 High Feb 22 and key resistance
  • PRICE: 0.6588 @ 07:58 GMT Mar 7
  • SUP 1: 0.6478/6443 Low Mar 5 / Low Feb 13 and the bear trigger
  • SUP 2: 0.6412 76.4% Fibonacci retracement for Oct - Dec upleg
  • SUP 3: 0.6360 Low Nov 14
  • SUP 4: 0.6339 Low Nov 10

AUDUSD is trading higher today. The recovery threatens a recent bearish theme and price is trading above the 50-day EMA. For now, the move higher is considered corrective, however, a break of 0.6595, the Feb 22 high, would strengthen a bullish theme and signal scope for a continuation higher. This would open 0.6625, the Jan 30 high. On the downside, initial key support has been defined at 0.6478, the Mar 5 low. A break would be bearish.

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  • RES 4: 0.6729/71 High Jan 12 / 3
  • RES 3: 0.6663 High Jan 16
  • RES 2: 0.6625 High Jan 30
  • RES 1: 0.6595 High Feb 22 and key resistance
  • PRICE: 0.6588 @ 07:58 GMT Mar 7
  • SUP 1: 0.6478/6443 Low Mar 5 / Low Feb 13 and the bear trigger
  • SUP 2: 0.6412 76.4% Fibonacci retracement for Oct - Dec upleg
  • SUP 3: 0.6360 Low Nov 14
  • SUP 4: 0.6339 Low Nov 10

AUDUSD is trading higher today. The recovery threatens a recent bearish theme and price is trading above the 50-day EMA. For now, the move higher is considered corrective, however, a break of 0.6595, the Feb 22 high, would strengthen a bullish theme and signal scope for a continuation higher. This would open 0.6625, the Jan 30 high. On the downside, initial key support has been defined at 0.6478, the Mar 5 low. A break would be bearish.