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Intraday Rally Bucks Broader Downtrend

AUDUSD TECHS
  • RES 4: 0.6861 50.0% retracement of the Feb 2 - Mar 10 bear leg
  • RES 3: 0.6824 High Feb 24
  • RES 2: 0.6793 High Apr 4 and key short-term resistance
  • RES 1: 0.6773 High Apr 13
  • PRICE: 0.6771 @ 16:10 BST Apr 13
  • SUP 1: 0.6620 Low Apr 10
  • SUP 2: 0.6590 Low Mar 15
  • SUP 3: 0.6565/47 Low Mar 10 / 61.8% of the Oct - Feb bull cycle
  • SUP 4: 0.6500 Round number support

AUDUSD topped the 50-day EMA convincingly on Thursday amid broad USD weakness. This works against the broader downtrend, leaving a break below 0.6565 a requirement for any resumption of the downtrend and continuation of the bear cycle. 0.6824, the Feb 24 high, marks the key upside level for the Thursday bounce, although key S/T resistance at 0.6793 could slow proceedings.

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