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Key Support Has Been Cleared

AUDUSD TECHS
  • RES 4: 0.7009 High Aug 26 and a key short-term resistance
  • RES 3: 0.6956 High Aug 30
  • RES 2: 0.6916 High Sep 13 and a key resistance
  • RES 1: 0.6747/94 Hi Sep 20 / 20-day EMA /
  • PRICE: 0.6664 @ 16:43 BST Sep 21
  • SUP 1: 0.6647 0.764 proj of the Apr 5 - May 12 - Jun 3 price swing
  • SUP 2: 0.6612 Low May 29
  • SUP 3: 0.6568 Low May 27 2020
  • SUP 4: 0.6538 Low May 26 2020

AUDUSD is trading lower and is once again below key support at 0.6682, Jul 14 low. A clear break of this level strengthens bearish conditions and confirms a resumption of the broader downtrend. Sights are on 0.6647 next, a Fibonacci projection ahead of 0.6612, the May 29 low. The Sep 13 high of 0.6916 marks a key short-term resistance. A break of this level is required to alter the picture.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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