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Bullish Conditions Intact Despite Pullback

AUDUSD TECHS
  • RES 4: 0.7283 High Jun 3 and a key resistance
  • RES 3: 0.7246 High Jun 7
  • RES 2: 0.7173 3.0% Upper Bollinger Band
  • RES 1: 0.7141 76.4% retracement of the Jun 3 - Jul 14 downleg
  • PRICE: 0.7037 @ 06:52 BST Aug 16
  • SUP 1: 0.6984/6870 20-day EMA / Low Aug 5 and a key support
  • SUP 2: 0.6786 Low Jul 18
  • SUP 3: 0.6682 14 and the bear trigger
  • SUP 4: 0.6647 0.764 proj of the Apr 5 - May 12 - Jun 3 price swing

AUDUSD traded lower Monday but despite the pullback, remains closer to its recent highs. The recent breach of 0.7047, Aug 1 high, confirmed a resumption of the uptrend that started Jul 14 and signals scope for a continuation higher. The break has also established a bullish price sequence of higher highs and higher lows on the daily chart and has opened 0.7141, a Fibonacci retracement. Key support to watch is at 0.6870, Aug 5 low.

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  • RES 4: 0.7283 High Jun 3 and a key resistance
  • RES 3: 0.7246 High Jun 7
  • RES 2: 0.7173 3.0% Upper Bollinger Band
  • RES 1: 0.7141 76.4% retracement of the Jun 3 - Jul 14 downleg
  • PRICE: 0.7037 @ 06:52 BST Aug 16
  • SUP 1: 0.6984/6870 20-day EMA / Low Aug 5 and a key support
  • SUP 2: 0.6786 Low Jul 18
  • SUP 3: 0.6682 14 and the bear trigger
  • SUP 4: 0.6647 0.764 proj of the Apr 5 - May 12 - Jun 3 price swing

AUDUSD traded lower Monday but despite the pullback, remains closer to its recent highs. The recent breach of 0.7047, Aug 1 high, confirmed a resumption of the uptrend that started Jul 14 and signals scope for a continuation higher. The break has also established a bullish price sequence of higher highs and higher lows on the daily chart and has opened 0.7141, a Fibonacci retracement. Key support to watch is at 0.6870, Aug 5 low.