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Attention Is On The 200-Day MA

AUDUSD TECHS
  • RES 4: 0.7716 High Jun 16
  • RES 3: 0.7630 1.236 proj of the Aug 20 - Sep 3 - Sep 29 price swing
  • RES 2: 0.7599 High Jul 6
  • RES 1: 0.7557/58 50.0% of the Feb - Aug sell-off / 200-Day MA
  • PRICE: 0.7506 @ 06:40 BST Nov 1
  • SUP 1: 0.7454 Low Oct 22
  • SUP 2: 0.7434/7388 20-day EMA / 50-day EMA
  • SUP 3: 0.7288 Low Oct 8
  • SUP 4: 0.7226/7170 Low Oct 6 / Low Sep 29

Despite pulling back Friday, AUDUSD continues to trade closer to recent highs. Last week's breach of 0.7546, Oct 21 high confirms a resumption of the uptrend. The climb has narrowed the gap with the 200-dma at 0.7558. Clearance of the average would strengthen bullish conditions and extend the positive price sequence of higher highs and higher lows. Sights are set on 0.7599 next, the Jul 6 high. Firm support is seen at 0.7388, the 50-day EMA.

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