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Bear Cycle Still In Play

AUDUSD 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: 0.6868 @ 17:22 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. Similarly, Tuesday’s intraday rally swiftly reversed into the Tuesday close. This retains the dominant bear cycle evident in the break of support at 0.6856, the Aug 23 low. 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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  • 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: 0.6868 @ 17:22 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. Similarly, Tuesday’s intraday rally swiftly reversed into the Tuesday close. This retains the dominant bear cycle evident in the break of support at 0.6856, the Aug 23 low. Attention is on 0.6789, a Fibonacci retracement. On the upside, key short-term resistance has been defined at 0.7009, Aug 26 high.