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Downtrend Extends

AUDUSD TECHS
  • RES 4: 0.6664 50-day EMA
  • RES 3: 0.6656 High Sep 23
  • RES 2: 0.6547 High Oct 4 and key resistance
  • RES 1: 0.6363/6489 Low Sep 28 / 20-day EMA
  • PRICE: 0.6223 @ 15:02 BST Oct 13
  • SUP 1: 0.6170 Intraday low
  • SUP 2: 0.6133 1.382 proj of the Apr 5 - May 12 - Jun 3 price swing
  • SUP 3: 0.6099 76.4% retracement of the 2020 - 2021 bull cycle
  • SUP 4: 0.6035 1.50 proj of the Apr 5 - May 12 - Jun 3 price swing

AUDUSD traded lower once again Thursday and a bearish theme remains intact. The pair has this week cleared support at 0.6363, the Sep 28 low and bear trigger. The breach confirms a resumption of the primary downtrend and maintains the bearish price sequence of lower lows and lower highs. The print below 0.6200 exposes 0.6133 next, a Fibonacci projection. On the upside, initial firm resistance has been defined at 0.6547, the Oct 4 high.

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