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Bulls Need Close North of 20-day EMA

AUDUSD TECHS
  • RES 4: 0.6656 High Sep 23
  • RES 3: 0.6563 50-day EMA
  • RES 2: 0.6547 High Oct 4 and key resistance
  • RES 1: 0.6384/6411 20-day EMA / High Oct 24
  • PRICE: 0.6395 @ 16:05 BST Oct 25
  • SUP 1: 0.6210/6170 Low Oct 21 / 13 and the bear trigger
  • SUP 2: 0.6133 1.382 proj of the Apr 5 - May 12 - Jun 3 price swing
  • SUP 3: 0.6099 76.4% retracement of the 2020 - 2021 bull cycle
  • SUP 4: 0.6035 1.50 proj of the Apr 5 - May 12 - Jun 3 price swing

AUDUSD traded above the 20-day EMA on an intraday basis ahead of the Tuesday close. Bulls will look for a close above this mark before further gains and a reversal of the bearish theme can be considered. Moving average studies continue to highlight a downtrend, with the price recently clearing 0.6363, Sep 28 low and a bear trigger. This confirmed a resumption of the primary downtrend and exposes 0.6133 next, a Fibonacci projection.

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