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Eyeing Key Resistance

AUDUSD TECHS
  • RES 4: 0.6921 High Feb 20
  • RES 3: 0.6860/65 3.0% 10-dma envelope / High Feb 22
  • RES 2: 0.6818 High May 10 and key resistance
  • RES 1: 0.6807 High Jun 13
  • PRICE: 0.6765 @ 07:26 BST Jun 14
  • SUP 1: 0.6693 Low Jun 9
  • SUP 2: 0.6657 20-day EMA
  • SUP 3: 0.6567/6458 Low May 31 and the bear trigger
  • SUP 4: 0.6403 76.4% of the Oct - Feb bull cycle

The AUDUSD bull cycle that started May 31 remains in play and the pair traded to a fresh short-term high yesterday. Price has recently cleared 0.6733, 76.4% of the downleg in May, reinforcing current conditions and this signals scope for a test of 0.6818, the May 10 high and a key resistance. On the downside, a strong reversal is required to refocus attention on 0.6458, the May 31 low. Initial firm support is seen at 0.6657, the 20-day EMA.

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