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Bounce Considered Corrective

AUDUSD TECHS
  • RES 4: 0.7478 High Sep 3 and the bull trigger
  • RES 3: 0.7410 High Sep 10
  • RES 2: 0.7332 50-day EMA
  • RES 1: 0.7283 Intraday high
  • PRICE: 0.7268 @ 06:48 BST Oct 4
  • SUP 1: 0.7170 Low Sep 29
  • SUP 2: 0.7106 Low Aug 20 and the bear trigger
  • SUP 3: 0.7102 2.0% 10-dma envelope
  • SUP 4: 0.7053 38.2% retracement of the Mar '20 - Feb uptrend

The AUDUSD outlook remains fragile following last week's move lower and despite recent gains. 0.7194 has been cleared, 76.4% of the Aug 20 - Sep 3 rally and this signals a resumption of the near-term downtrend. Attention is 0.7106, the Aug 20 low and bear trigger - a breach would confirm a resumption of the broader downtrend that started late February. Firm resistance is seen at 0.7332, the 50-day EMA.

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