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Bulls Remain In The Driver’s Seat

AUDUSD TECHS
  • RES 4: 0.6739 High Jul 31
  • RES 3: 0.6713/6723 3.0% 10-dma envelope / High Aug 1
  • RES 2: 0.6656 61.8% retracement of the Jul 13 - Oct 26 bear leg
  • RES 1: 0.6632 Intraday high
  • PRICE: 0.6608 @ 07:55 GMT Nov 28
  • SUP 1: 0.6491 20-day EMA
  • SUP 2: 0.6453/6339 50-day EMA / Low Nov 10
  • SUP 3: 0.6315 Low Oct 31
  • SUP 4: 0.6270 Low Oct 26 nand the bear trigger

AUDUSD has traded higher again today, however, resistance has capped gains at 0.6632 for now. The trend needle continues to point north. The latest rally has resulted in a clear break of former resistance at 0.6522, the Aug 30 and Sep 1 high. This breach reinforced the bullish theme and signals scope for a continuation higher near-term towards 0.6656 next, a Fibonacci retracement. Initial firm support is at 0.6453, the 50-day EMA.

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