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Corrective Bounce Extends

AUDUSD TECHS
  • RES 4: 0.7389 High Aug 11
  • RES 3: 0.7341 High Aug 17
  • RES 2: 0.7290 Low Jul 21 and a recent breakout level
  • RES 1: 0.7250 High Aug 19
  • PRICE: 0.7253 @ 20:48 BST Aug 24
  • SUP 1: 0.7106 Low Aug 20
  • SUP 2: 0.7053 38.2% retracement of the Mar '20 - Feb uptrend
  • SUP 3: 0.6991 Low Nov 2, 2020
  • SUP 4: 0.6921 Low Jul 14, 2020

AUDUSD traded higher again Tuesday, having started the week on a firm note. Gains however are considered corrective. The breach of 0.7290 last 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 0.7053 further out, a Fibonacci retracement. Initial firm resistance is at 0.7290, low Jul 21.

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