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Fade Off Highs, But Bull Rally Still Holds

AUDUSD TECHS
  • RES 4: 0.7029 High Feb 14
  • RES 3: 0.6993 76.4% retracement of the Feb 2 - May 31 bear leg
  • RES 2: 0.6936 High Feb 16
  • RES 1: 0.6900 High Jun 16 and key resistance
  • PRICE: 0.6812 @ 15:44 BST Jul 17
  • SUP 1: 0.6784 Low Jul 13
  • SUP 2: 0.6713 20-day EMA
  • SUP 3: 0.6651 Low Jul 11
  • SUP 4: 0.6596 Low Jun 29 and key support

A strong impulsive rally in AUDUSD last week resulted in the break of a number of key short-term resistance points. The move highlights a stronger short-term bullish theme and price remains within range of resistance at 0.6900, the Jun 16 high. A break of this level would open 0.6936, the Feb 16 high. Initial support lies at Thursday’s intraday low of 0.6784. A firmer level lies at 0.6713, the 20-day EMA.

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