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Bulls Remain In The Driver’s Seat

AUDUSD TECHS
  • RES 4: 0.6847 High Jul 20
  • RES 3: 0.6821 High Jul 27
  • RES 2: 0.6747 76.4% retracement of the Jul 13 - Oct 26 bear leg
  • RES 1: 0.6735 High Dec 18
  • PRICE: 0.6715 @ 07:52 GMT Dec 19
  • SUP 1: 0.6655 Low Dec 14
  • SUP 2: 0.6591/26 20-day EMA / Low Dec 07
  • SUP 3: 0.6524 50-day EMA
  • SUP 4: 0.6453 Low Nov 17

The uptrend in AUDUSD remains intact and last week’s gains reinforce this theme. Price is trading at the recent highs. The pair has traded through 0.6691, the Dec 4 high and a bull trigger. This confirms a resumption of the uptrend and paves the way for a climb towards 0.6747 next, 76.4% of the Jul 13 - Oct 26 bear leg. On the downside, key short-term support has been defined at 0.6526, the Dec 7 low. A break would threaten the uptrend.

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