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Holding On To Its Recent Gains

AUDUSD TECHS
  • RES 4: 0.6976 2.00 proj of the Oct 13 - 27 - Nov 3 price swing
  • RES 3: 0.6956 High Aug 30
  • RES 2: 0.6909 76.4% retracement of the Aug 11 - Oct 13 downleg
  • RES 1: 0.6893 High Dec 12
  • PRICE: 0.6828 @ 06:49 GMT Dec 15
  • SUP 1: 0.6731 20-day EMA
  • SUP 2: 0.6657/6585 50-day EMA / Low Nov 21
  • SUP 3: 0.6387 Low Nov 10
  • SUP 4: 0.6272 Low Nov 3 and a key support

The AUDUSD trend condition is bullish and the pair is holding on to its recent gains. This week’s break of the Dec 5 high of 0.6851 resumes the uptrend and opens 0.6909, a Fibonacci retracement. On the downside, the key support level to watch is 0.6657, the 50-day EMA. A clear break of this average would highlight a possible reversal and signal scope for a deeper retracement. Initial support to watch is 0.6731, the 20-day EMA.

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