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Bull Cycle Extends

AUDUSD TECHS
  • RES 4: 0.6616 High Aug 16
  • RES 3: 0.6522 High Aug 30 and Sep 1, and the key resistance
  • RES 2: 0.6501 High Sep 29
  • RES 1: 0.6445 High Oct 11
  • PRICE: 0.6427 @ 07:25 GMT Nov 2
  • SUP 1: 0.6315/0.6270 Low Oct 31 / 26 and the bear trigger
  • SUP 2: 0.6215 2.236 proj of the Jun 16 - Jun 29 - Jul 13 price swing
  • SUP 3: 0.6170 Low Oct 13 2022 and a key support
  • SUP 4: 0.6135 2.50 proj of the Jun 16 - Jun 29 - Jul 13 price swing

Short-term gains in AUDUSD are considered corrective. The pair has breached the 50-day EMA and this strengthens the current bull cycle and suggests scope for a stronger correction. A continuation would expose key trend resistance at 0.6522, the Aug 30 and Sep 1 high. On the downside, the bear trigger is 0.6270, the Oct 26 low. Clearance of this level would confirm a resumption of the downtrend.

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