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Key Resistance Remains Intact

AUDUSD TECHS
  • RES 4: 0.6630 High Aug 2
  • RES 3: 0.6616 High Aug 16
  • RES 2: 0.6522 High Aug 30 and Sep 1, and the key resistance
  • RES 1: 0.6487 50-day EMA values
  • PRICE: 0.6477 @ 07:56 BST Sep 29
  • SUP 1: 0.6331 Low Sep 27 and the bear trigger
  • SUP 2: 0.6287 2.00 proj of the Jun 16 - Jun 29 - Jul 13 price swing
  • SUP 3: 0.6272 Low Nov 3 2022 and a key support
  • SUP 4: 0.6215 2.236 proj of the Jun 16 - Jun 29 - Jul 13 price swing

AUDUSD reversed course yesterday and the pair is firmer again today. For now, short-term gains are considered corrective and the trend condition remains bearish. This week’s break of support at 0.6365, the Aug 17 low, highlights a resumption of the downtrend and opens 0.6287 next, a Fibonacci projection point. On the upside, key short-term trend resistance to watch is 0.6522, the Aug 30 and Sep 1 high. A break of this level would be bullish.

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