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Holding Onto Recent Gains

  • RES 4: 0.7341 61.8% retracement of the Oct 28 - Dec 3 downleg
  • RES 3: 0.7289 Former channel base drawn from the Aug 20 low
  • RES 2: 0.7264 50-day EMA
  • RES 1: 0.7181/87 20-day EMA / High Dec 9
  • PRICE: 0.7166 @ 06:30 GMT Dec 13
  • SUP 1: 0.7115/7040 Low Dec 8 / Low Dec 7
  • SUP 2: 0.6993/91 Low Dec 3 / Low Nov 2 2020 and a key support
  • SUP 3: 0.6963 Low Jul 16 2020
  • SUP 4: 0.6921 Low Jul 14 2020

AUDUSD is consolidating and holding onto last week’s gains. The pair is testing the 20-day EMA that intersects at 0.7181. A clear break of this average would strengthen the current bull phase and signal scope for a climb towards 0.7291, the base of the bull channel drawn from the Aug 20 low. The channel base was breached on Nov 19. For bears, a reversal lower would refocus attention on 0.6991, the Nov 2 2020 low and the bear trigger.

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