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Pierces Key Resistance

AUDUSD TECHS
  • RES 4: 0.6921 High Feb 20
  • RES 3: 0.6861 50.0% retracement of the Feb 2 - Mar 10 bear leg
  • RES 2: 0.6824 High Feb 24
  • RES 1: 0.6818 High May 10
  • PRICE: 0.6747 @ 07:57 BST May 11
  • SUP 1: 0.6716 50-day EMA
  • SUP 2: 0.6640/6565 Low May 4
  • SUP 3: 0.6565 Low Mar 10 and the bear trigger
  • SUP 4: 0.6547 61.8% of the Oct - Feb bull cycle

AUDUSD maintains a positive short-term tone and yesterday pierced key resistance at 0.6806, Apr 14 high. A resumption of gains and a clear break of this level would strengthen a bullish case and open 0.6861, a Fibonacci retracement. On the downside, key support to watch lies at 0.6565, Mar 10 low. Clearance of this level would be bearish and would instead resume the downtrend that started Feb 2. Initial support is at 0.6716, the 50-day EMA.

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