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Has Breached Moving Average Resistance

AUDUSD TECHS
  • RES 4: 0.6799 High Jul 11 and key resistance
  • RES 3: 0.6744 High Jul 18
  • RES 2: 0.6693 76.4% retracement of the Jul 11 - Aug 5 bear leg
  • RES 1: 0.6643 High Aug 14
  • PRICE: 0.6634 @ 07:57 BST Aug 16
  • SUP 1: 0.6565 Low Aug 12
  • SUP 2: 0.6508/6350 Low Aug 8/ 5 and the bear trigger
  • SUP 3: 0.6339 Low Nov 10’23
  • SUP 4: 0.6315 Low Oct 31 ‘23

AUDUSD continues to trade at its recent highs. From a short-term perspective, the latest recovery still appears to be a correction, however, price has traded through both the 20- and 50-day EMAs. A continuation higher would undermine a bearish theme and signal scope for stronger gains, towards 0.6693, a Fibonacci retracement. For bears, a reversal would refocus attention on 0.6530, the Aug 5 low.

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