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Doji Candle Formation Reinforces A Bullish Theme

  • RES 4: 0.6682 Low Jul 14 and a recent breakout level
  • RES 3: 0.6656 High Sep 23
  • RES 2: 0.6600 Round number resistance
  • RES 1: 0.6533/47 50-day EMA / High Oct 4 and key resistance
  • PRICE: 0.6404 @ 15:20 GMT Nov 2
  • SUP 1: 0.6368/6303 Low Oct 31 / 25
  • SUP 2: 0.6210/6170 Low Oct 21 / 13 and the bear trigger
  • SUP 3: 0.6133 1.382 proj of the Apr 5 - May 12 - Jun 3 price swing
  • SUP 4: 0.6099 76.4% retracement of the 2020 - 2021 bull cycle

AUDUSD remains bullish and Monday’s price pattern - a doji Japanese candle - signals the end of the recent 3-day pullback. If correct, this suggests scope for a move higher towards the 50-day EMA, at 0.6533 and 0.6547, the Oct 4 high. A break of these two chart points would strengthen a bullish condition. Note that gains are still considered corrective and the broader M/T trend direction is down. Initial support to watch lies at 0.6368, the Oct 31 low.

MNI London Bureau | +44 203-865-3809 |

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