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Probes First Support

AUDUSD TECHS
  • RES 4: 0.7341 61.8% retracement of the Oct 28 - Dec 3 downleg
  • RES 3: 0.7305 Former channel base drawn from the Aug 20 low
  • RES 2: 0.7242 50-day EMA
  • RES 1: 0.7161/7224 20-day EMA / High Dec 16
  • PRICE: 0.7116 @ 06:46 GMT Dec 21
  • SUP 1: 0.7082/7040 Low Dec 20 / Low Dec 7
  • SUP 2: 0.6993/91 Low Dec 3 / Low Nov 2 2020 and a key support
  • SUP 3: 0.6963 Low Jul 16 2020
  • SUP 4: 0.6921 Low Jul 14 2020

AUDUSD traded higher Thursday and breached 0.7187, Dec 9 high. This appears to have been a false break - the Aussie failed to hold onto recent gains and has traded lower. Attention is on support at 0.7090, the Dec 14 low that was probed yesterday. A clear break would strengthen a short-term bearish threat and expose support at 0.7040, Dec 7 low. Clearance of last week's high of 0.7224 on Dec 16 is needed to reinstate a bullish theme.

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