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AUDUSD TECHS: Trading in a Range

AUDUSD TECHS
  • RES 4: 0.6771 High Jan 3                  
  • RES 3: 0.6751 76.4% retracement of the Dec 28 - Apr 19 bear leg   
  • RES 2: 0.6729 High Jan 12  
  • RES 1: 0.6714 High Jun 16 and the bull trigger 
  • PRICE: 0.6641 @ 16:59 BST Jun 13
  • SUP 1: 0.6576 Low Jun 10 and a key support 
  • SUP 2: 0.6558 Low May 8
  • SUP 3: 0.6539 50.0% retracement of the Apr 19 - May 16 bull leg 
  • SUP 4: 0.6497 61.8% retracement of the Apr 19 - May 16 bull leg 

AUDUSD rallied sharply higher Wednesday. Recent swings in price action mean that for now, the pair is trading inside a range. Key resistance has been defined at 0.6714, the May 16 high and key support lies at 0.6576, the Jun 10. The two price points represent key short-term directional triggers. Clearance of 0.6714, would open 0.6751, a Fibonacci retracement. On the downside, a move below 0.6576 would expose 0.6558 initially, the May 8 low.  

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