February 06, 2024 20:30 GMT
Bear Cycle Extends
AUDUSD TECHS
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- RES 4: 0.6900 High Jun 16 and a key resistance
- RES 3: 0.6871 High Dec 28 and the bull trigger
- RES 2: 0.6729/71 High Jan 12 / 3
- RES 1: 0.6625 High Jan 30 and key short-term resistance
- PRICE: 0.6515 @ 16:31 GMT Feb 6
- SUP 1: 0.6469 Low Feb 05
- SUP 2: 0.6453 Low Nov 17
- SUP 3: 0.6412 76.4% Fibonacci retracement for Oct - Dec upleg
- SUP 4: 0.6360 Low Nov 14
A bearish theme in AUDUSD remains intact and the latest sell-off reinforces this condition. The break to fresh cycle lows last week and again Monday, confirms a resumption of the downtrend and signals scope for weakness towards 0.6453, the Nov 17 low. Moving average studies are crossing into a bear-mode set-up, strengthening a bearish theme. Key short-term resistance to watch has been defined at 0.6625, the Jan 30 high.
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