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Bounce Considered Corrective

AUDUSD TECHS
  • RES 4: 0.7427 High Aug 4 and a key resistance
  • RES 3: 0.7389 High Aug 11
  • RES 2: 0.7341 High Aug 17
  • RES 1: 0.7290 Low Jul 21 and a recent breakout level
  • PRICE: 0.7263 @ 06:20 BST Aug 26
  • SUP 1: 0.7201/7106 Low Aug 24 /Low Aug 20 and the bear trigger
  • SUP 2: 0.7053 38.2% retracement of the Mar '20 - Feb uptrend
  • SUP 3: 0.6991 Low Nov 2, 2020
  • SUP 4: 0.6921 Low Jul 14, 2020

AUDUSD traded higher again Wednesday and maintains this week's firm tone. Gains however are considered corrective. The breach of 0.7290 last week confirmed an extension of the bearish price sequence of lower lows and lower highs, reinforcing the current downward cycle. Price has also cleared 0.7200 and this opens 0.7053 further out, a Fibonacci retracement. Initial firm resistance is seen at 0.7290, low Jul 21.

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