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Approaching Resistance

  • RES 4: 0.7849 High Mar 18 and a reversal trigger
  • RES 3: 0.7774 High Mar 19
  • RES 2: 0.7750 High Mar 23
  • RES 1: 0.7677 High Apr 7 and key near-term resistance
  • PRICE: 0.7666 @ 06:38 BST Apr 14
  • SUP 1: 0.7586 Low Apr 13
  • SUP 2: 0.7532/17 Low Apr 1 and the bear trigger / Low Dec 22
  • SUP 3: 0.7462 Low Dec 21
  • SUP 4: 0.7418 23.6% retracement of the Mar 2020 - Feb rally

AUDUSD is firmer today however the pair continues to trade within its recent range. Key support is at 0.7532, Apr 1 low and the outlook, while resistance at 0.7677 remains intact, is bearish. This follows the recent breach of 0.7563, Mar 25 low and the Feb 2 low of 0.7564. Note too, a head and shoulders reversal pattern was confirmed on Mar 23. Clearance of 0.7677, Apr 7 high would alter the short-term picture and allow for a stronger bounce.

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