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Corrective Cycle Extends

AUDUSD TECHS
  • RES 4: 0.7202 High Jun 9
  • RES 3: 0.7141 76.4% retracement of the Jun 3 - Jul 14 downleg
  • RES 2: 0.7069 High Jun 16
  • RES 1: 0.7012 High Jul 27
  • PRICE: 0.7000 @ 07:06 BST Jul 28
  • SUP 1: 0.6894/0.6859 20-day EMA / Low Jul 21
  • SUP 2: 0.6786/6682 Low Jul 18 / 14 and the bear trigger
  • SUP 3: 0.6647 0.764 proj of the Apr 5 - May 12 - Jun 3 price swing
  • SUP 4: 0.6588 Low May 28 2020

AUDUSD traded higher Wednesday, extending the recent recovery from 0.6682, the Jul 14 low. The short-term outlook is bullish. A continuation would open the Jun 16 high at 0.7069, and potentially 0.7141 further out, the 76.4% retracement of the Jun 3 - Jul 14 downleg. Any reversal lower would instead refocus attention on the 0.6682 bear trigger, Jul 14 low, where a break would confirm a resumption of the broader downtrend. Initial support is at 0.6894.

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