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Clearing Resistance Levels

AUDUSD TECHS
  • RES 4: 0.6900 High Jun 16 and key resistance
  • RES 3: 0.6857 High Jun 20
  • RES 2: 0.6828 76.4% retracement of the Jun 16 - 29 bear leg
  • RES 1: 0.6795 High Jul 12
  • PRICE: 0.6782 @ 17:07 BST Jul 12
  • SUP 1: 0..6682 Intraday low
  • SUP 2: 0.6651/6596 Low Jul 11 / Low June 29 and the bear trigger
  • SUP 3: 0.6579 Low Jun 5
  • SUP 4: 0.6562 76.4% retracement of the May 31 - Jun 16 rally

A strong rally in AUDUSD has resulted in the break of a number of near-term retracement levels, including 0.6784, the 61.8% retracement of the bear leg between Jun 16 - 29. This highlights a stronger short-term bullish theme and opens the 76.4% level at 0.6828. A break of this level would expose 0.6900, the Jun 16 high and a key resistance. Initial support lies at today’s intraday low of 0.6682.

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