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Eyeing The Bear Trigger

AUDUSD TECHS
  • RES 4: 0.7478 High Sep 3 and the bull trigger
  • RES 3: 0.7410 High Sep 10
  • RES 2: 0.7346 50-day EMA
  • RES 1: 0.7284 20-day EMA
  • PRICE: 0.7208 @ 06:49 BST Sep 30
  • SUP 1: 0.7170 Low Sep 29
  • SUP 2: 0.7109 2.0% 10-dma envelope
  • SUP 3: 0.7106 Low Aug 20 and the bear trigger
  • SUP 4: 0.7053 38.2% retracement of the Mar '20 - Feb uptrend

AUDUSD resumed the downward trend Wednesday. The break lower signals a resumption of the near-term downtrend and has resulted in a break of 0.7194, 76.4% retracement of the Aug 20 - Sep 3 rally. Attention turns to 0.7106. This is the Aug 20 low and the bear trigger - a breach would confirm a resumption of the downtrend that started late February. Firm resistance is seen at 0.7339, the 50-day EMA.

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