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Probes Its 50-Day EMA

AUDUSD TECHS
  • RES 4: 0.7630 1.236 proj of the Aug 20 - Sep 3 - Sep 29 price swing
  • RES 3: 0.7599 High Jul 6
  • RES 2: 0.7552/57 200-dma / 50.0% of the Feb - Aug sell-off
  • RES 1: 0.7471 High Nov 4
  • PRICE: 0.7402 @ 06:42 GMT Nov 8
  • SUP 1: 0.7397/60 50-day EMA / Low Nov 5
  • SUP 2: 0.7324 Low Oct 13
  • SUP 3: 0.7288 Low Oct 8
  • SUP 4: 0.7226/7170 Low Oct 6 / Low Sep 29

AUDUSD traded lower again Friday and the pair appears vulnerable for now. Dips though are still considered corrective. The recent breach of 0.7546, Oct 21 high confirmed a resumption of the uptrend and opens the 200-dma at 0.7552. Clearance of this average would strengthen bullish conditions and extend the positive price sequence of higher highs and higher lows. For bears, a clear break of the 50-day EMA at 0.7397 would alter the picture.

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