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Fresh Weekly Lows

AUDUSD TECHS
  • RES 4: 0.8044 High Feb 2, 2018
  • RES 3: 0.8007 High Feb 25 and the bull trigger
  • RES 2: 0.7934 2.0% 10-dma envelope
  • RES 1: 0.7895 76.4% retracement of the Feb 25 - Apr 1 sell-off
  • PRICE: 0.7728 @ 17:17 BST May 13
  • SUP 1: 0.7688 Low May 13
  • SUP 2: 0.7675 Low May 4 and key support
  • SUP 3: 0.7635 Low Apr 14
  • SUP 4: 0.7586 Low Apr 13

AUDUSD started the week well, but traded poorly Thursday, hitting new weekly lows of 0.7688 and denting the outlook further. This comes despite the pair recently clearing the April highs, which had triggered bullish signals. In order for the uptrend to resume, markets need to top the 76.4% retracement of the February - April downtick at 0.7895. A break here would strengthen bullish conditions and point the needle toward the year's best levels printed in late February at 0.8007.

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