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Clears The 0.7200 Handle

AUDUSD TECHS
  • RES 4: 0.7427/44 High Aug 4 and the reversal trigger / 50-day EMA
  • RES 3: 0.7389 High Aug 11
  • RES 2: 0.7341 High Aug 17
  • RES 1: 0.7290 Low Jul 21 and a recent breakout level
  • PRICE: 0.7162 @ 17:16 BST Aug 19
  • SUP 1: 0.7144 Low Aug 19
  • SUP 2: 0.7122 1.618 proj of Feb 25 - Apr 1 - May 10 price swing
  • SUP 3: 0.7053 38.2% retracement of the Mar '20 - Feb uptrend
  • SUP 4: 0.6991 Low Nov 2, 2020

AUDUSD has traded to fresh trend lows as a bearish condition strengthens. The breach of 0.7290 earlier in the week confirmed an extension of the bearish price sequence of lower lows and lower highs, reinforcing the current downward cycle. Price has also cleared 0.7200 and this opens 0.7122 next, a Fibonacci projection and 0.7053 further out, a Fibonacci retracement. Initial resistance is at 0.7290, low Jul 21.

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