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Pullback Considered Corrective

AUDUSD TECHS
  • RES 4: 0.6921 High Feb 20
  • RES 3: 0.6900 High Jun 16 and a key resistance
  • RES 2: 0.6871 High Dec 28 and the bull trigger
  • RES 1: 0.6771 High Jan 3
  • PRICE: 0.6691 @ 16:47 GMT Jan 10
  • SUP 1: 0.6641 Low Jan 05
  • SUP 2: 0.6609 Trendline support drawn from the Oct 26 low
  • SUP 3: 0.6571 50.0% Fibonacci retracement for Oct - Dec Upleg
  • SUP 4: 0.6526 Low Dec 7 and key support

AUDUSD faded off intraday highs to trade unchanged through the close. The pair is trading closer to recent lows, however the recent move lower appears to be a correction and the medium-term trend direction remains up. Moving average studies highlight an uptrend and trendline support drawn from the late October low remains intact. The trendline lies at 0.6609 today and represents an important support. On the upside key resistance is unchanged at 0.6871, the Dec 28 high.

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