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Bear Cycle Still In Play

AUDUSD TECHS
  • RES 4: 0.6821 High Jul 27
  • RES 3: 0.6739 High Jul 31
  • RES 2: 0.6616/6667 High Aug 10 / 50-day EMA
  • RES 1: 0.6534 High Nov 11
  • PRICE: 0.6481 @ 16:27 BST Aug 15
  • SUP 1: 0.6458/54 Low May 31 and a bear trigger / Low Aug 14
  • SUP 2: 0.6403 76.4% retracement of the Oct 13 ‘22 - Feb 2 bull leg
  • SUP 3: 0.6387 Low Nov 10 2022
  • SUP 4: 0.6285 Low Nov 4 2022

Short-term AUDUSD trend conditions remain bearish and the cross is trading closer to its recent low. Support at 0.6458, the May 31 low and bear trigger, has been pierced. A clear break of this level would strengthen a bearish theme and confirm an extension of the bear cycle that started mid-July. This would open 0.6403, a Fibonacci retracement. Key short-term resistance has been defined at 0.6616, the Aug 10 high.

Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsForeign Exchange Bullets
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsForeign Exchange Bullets

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