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Firmer Short-Term Tone Intact

AUDUSD TECHS
  • RES 4: 0.6748 High Jan 5
  • RES 3: 0.6729 High Jan 12
  • RES 2: 0.6708 61.8% retracement of the Dec 28 - Feb 13 bear cycle
  • RES 1: 0.6668 High Mar 8
  • PRICE: 0.6597 @ 16:48 GMT Mar 12
  • SUP 1: 0.6568 50-day EMA
  • SUP 2: 0.6478/6443 Low Mar 5 / Low Feb 13 and the bear trigger
  • SUP 3: 0.6412 76.4% Fibonacci retracement for Oct - Dec upleg
  • SUP 4: 0.6360 Low Nov 14

AUDUSD is holding on to the bulk of its recent gains. And the short-term outlook remains bullish. The recovery across last week resulted in the break of resistance at 0.6595, the Feb 22 high, strengthening a bullish theme and this signals scope for a continuation higher. Potential is seen for a climb towards 0.6708, a Fibonacci retracement. Initial key support is at 0.6478, the Mar 5 low.

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