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Bear Cycle Still In Play

USDCAD TECHS
  • RES 4: 0.7137 High Aug 11
  • RES 3: 0.7040 High Aug 16
  • RES 2: 0.7009 High Aug 26 and a key short-term resistance
  • RES 1: 0.6944/60 20- and 50-day EMA values
  • PRICE: 0.6901 @ 06:54 BST Aug 30
  • SUP 1: 0.6841 Low Aug 29
  • SUP 2: 0.6789 76.4% retracement of the Jul 14 - Aug 11 upleg
  • SUP 3: 0.6719 Low Jul 15
  • SUP 4: 0.6682 14 and the bear trigger

A bearish threat in AUDUSD firmed Friday following a sharp reversal from the intraday high of 0.7009. Monday’s initial move lower marked a bearish start to the week and this resulted in a break of support at 0.6856, the Aug 23 low and highlights a resumption of the bear cycle that started Aug 11. Attention is on 0.6789, a Fibonacci retracement. On the upside, key short-term resistance has been defined at 0.7009, Aug 26 high.

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