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USDCAD TECHS: Challenging Resistance

USDCAD TECHS
USForeign Exchange Technical AnalysisCanadaBulletMarketsForeign Exchange BulletsNorth America
  • RES 4: 0.6429 High Dec 12 
  • RES 3: 0.6414 38.2% retracement of the Sep 30 ‘24 - Feb 3 bear leg                
  • RES 2: 0.6384 High Dec 13  
  • RES 1: 0.6368 High Feb 14
  • PRICE: 0.6357 @ 16:51 GMT Feb 14 
  • SUP 1: 0.6231 Low Feb 10 
  • SUP 3: 0.6171/6088 Low Feb 4 / 3
  • SUP 3: 0.6045 1.500 proj of the Sep 30 - Nov 6 - 7 price swing
  • SUP 4: 0.6000 Round number support

AUDUSD trading higher again Friday. The pair breached resistance at the 50-day EMA, at 0.6301. Attention is on 0.6331 (pierced), the Jan 24 high and a key short-term resistance. A clear break of it would highlight a stronger reversal and open 0.6414, a Fibonacci retracement. Note that moving average studies remain in a bear-mode position. This suggests the latest recovery is a correction. Initial support to watch is 0.6231, the Feb 10 low.      

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  • RES 4: 0.6429 High Dec 12 
  • RES 3: 0.6414 38.2% retracement of the Sep 30 ‘24 - Feb 3 bear leg                
  • RES 2: 0.6384 High Dec 13  
  • RES 1: 0.6368 High Feb 14
  • PRICE: 0.6357 @ 16:51 GMT Feb 14 
  • SUP 1: 0.6231 Low Feb 10 
  • SUP 3: 0.6171/6088 Low Feb 4 / 3
  • SUP 3: 0.6045 1.500 proj of the Sep 30 - Nov 6 - 7 price swing
  • SUP 4: 0.6000 Round number support

AUDUSD trading higher again Friday. The pair breached resistance at the 50-day EMA, at 0.6301. Attention is on 0.6331 (pierced), the Jan 24 high and a key short-term resistance. A clear break of it would highlight a stronger reversal and open 0.6414, a Fibonacci retracement. Note that moving average studies remain in a bear-mode position. This suggests the latest recovery is a correction. Initial support to watch is 0.6231, the Feb 10 low.