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Off Lows As Correction Extends

AUDUSD TECHS
  • RES 4: 0.6616 High Aug 16
  • RES 3: 0.6522 High Aug 30 and Sep 1, and the key resistance
  • RES 2: 0.6445/6501 High Oct 11 / High Sep 29
  • RES 1: 0.6406 50-day EMA
  • PRICE: 0.6336 @ 17:13 GMT Oct 31
  • SUP 1: 0.6272/70 Low Nov 3 2022 / Oct 26 and key support
  • SUP 2: 0.6215 2.236 proj of the Jun 16 - Jun 29 - Jul 13 price swing
  • SUP 3: 0.6170 Low Oct 13 2022 and a key support
  • SUP 4: 0.6135 2.50 proj of the Jun 16 - Jun 29 - Jul 13 price swing

Short-term gains in AUDUSD are considered corrective. The trend outlook is bearish and last week’s low print reinforces current conditions. Price has pierced 0.6286, Oct 3 / 13 low. A clear break of it would confirm a resumption of the downtrend and open 0.6215, a Fibonacci projection. Key trend resistance is at 0.6522, Aug 30 and Sep 1 high. Clearance of this level is required to highlight a reversal. Initial resistance is 0.6406, the 50-day EMA.

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