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Key Resistance Cleared

AUDUSD TECHS
  • RES 4: 0.7029 High Feb 14
  • RES 3: 0.6993 76.4% retracement of the Feb - May downleg
  • RES 2: 0.6921 High Feb 20
  • RES 1: 0.6900 High Jun 16
  • PRICE: 0.6865 @ 06:43 BST Jun 19
  • SUP 1: 0.6818/6768 High May 10 / Low Jun 15
  • SUP 2: 0.6727 Low Jun 12
  • SUP 3: 0.6708 20-day EMA
  • SUP 4: 0.6610 Low Jun 6

A strong rally last Thursday in AUDUSD reinforced bullish conditions and confirmed an extension of the bull cycle from May 31. The pair has cleared key resistance at 0.6818, the May 10 high. This reinforces bullish conditions and paves the way for a climb towards 0.6921 next, the Feb 20 high. Further out, scope is seen for gains to 0.6993, a Fibonacci retracement. Initial firm support lies at 0.6768, the Jun 15 low.

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