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Flies Through Key Trendline Resistance

AUDUSD TECHS
  • RES 4: 0.7243 High Oct 10 and a key resistance
  • RES 3: 0.7218 High Oct 13
  • RES 2: 0.7183 50-dma
  • RES 1: 0.7175 High Nov 3
  • PRICE: 0.7165 @ 16:45 GMT Nov 3
  • SUP 1: 0.7028 Low Nov 3
  • SUP 2: 0.6991 Low Nov 2
  • SUP 3: 0.6965 23.6% retracement of the Mar - Sep rally
  • SUP 4: 0.6941 2.0% 10-dma envelope

AUDUSD traded firmer Tuesday, flying through the trendline resistance at 0.7132 on the way up to 0.7175. This improves the outlook, opening the 50-dma to the upside at 0.7183. A break and close above here opens the October 13 highs of 0.7218 and key resistance beyond at 0.7243. To the downside, the recent break of support at 0.7006, Sep 25 low and 0.7002, Oct 29 low signals scope for 0.6965 next, a Fibonacci retracement.

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