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Approaching The Bull Trigger

AUDUSD TECHS
  • RES 4: 0.6976 2.00 proj of the Oct 13 - 27 - Nov 3 price swing
  • RES 3: 0.6956 High Aug 30
  • RES 2: 0.6909 76.4% retracement of the Aug 11 - Oct 13 downleg
  • RES 1: 0.6851 High Dec 5 and the bull trigger
  • PRICE: 0.6804 @ 16:18 GMT Dec 9
  • SUP 1: 0.6669 Low Dec 7
  • SUP 2: 0.6629/6585 50-day EMA / Low Nov 21
  • SUP 3: 0.6387 Low Nov 10
  • SUP 4: 0.6272 Low Nov 3 and a key support

The AUDUSD trend condition is bullish and the recent move lower appears to be a correction. Price remains above key support at 0.6629, the 50-day EMA. A clear break of this average would be seen as a bearish development and signal scope for a deeper retracement. 0.6851, the Dec 5 high is the bull trigger. A break would confirm a resumption of the uptrend and open 0.6909, a Fibonacci retracement.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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