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Key Short-Term Support Remains Exposed

AUDUSD TECHS
  • RES 4: 0.6900 High Jun 16 and a key resistance
  • RES 3: 0.6871 High Dec 28 and the bull trigger
  • RES 2: 0.6729/71 High Jan 12 / 3
  • RES 1: 0.6633 50-day EMA
  • PRICE: 0.6577 @ 06:58 GMT Jan 24
  • SUP 1: 0.6526/25 Low Dec 7 and key support / Low Jan 17
  • SUP 2: 0.6500 61.8% Fibonacci retracement for Oct - Dec upleg
  • SUP 3: 0.6453 Low Nov 17
  • SUP 4: 0.6412 76.4% Fibonacci retracement for Oct - Dec upleg

AUDUSD is unchanged and maintains a softer tone following recent bearish price action. The pair has breached a trendline drawn from the late October low. That break strengthens a bearish theme and signals scope for a deeper correction with sights on 0.6526, the Dec 7 low and the next key support. A clear break of this support would open 0.6500, a Fibonacci retracement. Initial resistance is at 0.6633, the 50-day EMA.

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