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Northbound

AUDUSD TECHS
  • RES 4: 0.6800 Round number resistance
  • RES 3: 0.6768 61.8% retracement of the Aug 11 - Oct 13 downleg
  • RES 2: 0.6705 High Sep 21
  • RES 1: 0.6682 Low Jul 14 and a recent breakout level
  • PRICE: 0.6638 @ 08:07 GMT Nov 11
  • SUP 1: 0.6514/0.6387 50-day EMA / Low Nov 10
  • SUP 2: 0.6272 Low Nov 3 and a key support
  • SUP 3: 0.6210/6170 Low Oct 21 / 13 and the bear trigger
  • SUP 4: 0.6133 1.382 proj of the Apr 5 - May 12 - Jun 3 price swing

AUDUSD traded higher Thursday, extending this week’s gains and confirming a clear break of the 50-day EMA. This strengthens bullish conditions and signals scope for an extension of the bull cycle that started mid-October. The focus is on 0.6682, the Jul 14 low and a previous breakout level. Further out, scope is seen for a climb towards 0.6768, a Fibonacci retracement level. Firm short-term support has been defined at 0.6387, Thursday’s low.

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