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Corrective Bounce

AUDUSD TECHS
  • RES 4: 0.7661 High Apr 5 and key resistance
  • RES 3: 0.7593 High Apr 6
  • RES 2: 0.7519 High Apr 7
  • RES 1: 0.7493 Apr 12 high and key intraday resistance
  • PRICE: 0.7450 @ 16:22 BST Apr 20
  • SUP 1: 0.7344/43 50-DMA / Low Apr 18
  • SUP 2: 0.7282 76.4% retracement of the Mar 15 - Apr 5 climb
  • SUP 3: 0.7283 Low Mar 17
  • SUP 4: 0.7181 Low Mar 16

AUDUSD remains vulnerable near-term following the recent pullback from 0.7661, Apr 5 high. Short-term gains are for now being viewed as a corrective pullback. The pair has recently traded below both the 20- and 50-day EMAs, reinforcing bearish conditions and this signals scope for an extension lower. The focus is on 0.7282, a Fibonacci retracement. On the upside, resistance to watch is at 0.7493, Apr 12 high. A break would alter the picture.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsForeign Exchange Bullets
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsForeign Exchange Bullets

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