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Has Breached The 20-Day EMA

AUDUSD TECHS
  • RES 4: 0.7487 High Jul 15
  • RES 3: 0.7427 High Aug 4 and a key resistance
  • RES 2: 0.7389 High Aug 11
  • RES 1: 0.7341 High Aug 17
  • PRICE: 0.7295 @ 19:21 BST Aug 30
  • SUP 1: 0.7222/7106 Low Aug 27 / Low Aug 20 and the bear trigger
  • SUP 2: 0.7053 38.2% retracement of the Mar '20 - Feb uptrend
  • SUP 3: 0.6991 Low Nov 2, 2020
  • SUP 4: 0.6921 Low Jul 14, 2020

AUDUSD maintains last week's firm tone and has traded above the 20-day EMA. Recent gains are still considered corrective though. The breach of 0.7290 on Aug 17 confirmed an extension of the bearish price sequence of lower lows and lower highs, reinforcing the current downward cycle. Price has also cleared 0.7200 and this opens 0.7053 further out, a Fibonacci retracement. The next firm resistance is seen at 0.7389, Aug 11 high.

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