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Rallies Ahead of Support

AUDUSD TECHS
  • RES 4: 0.6729 High Jan 12
  • RES 3: 0.6708 61.8% retracement of the Dec 28 - Feb 13 bear cycle
  • RES 2: 0.6668 High Mar 8 and the bull trigger
  • RES 1: 0.6635 High Mar 21
  • PRICE: 0.6556 @ 16:30 GMT Apr 03
  • SUP 1: 0.6481 Low Apr 1
  • SUP 2: 0.6478 Low Mar 5
  • SUP 3: 0.6443 Low Feb 13 and the bear trigger
  • SUP 4: 0.6412 76.4% Fibonacci retracement for Oct - Dec upleg

Broad USD weakness aided a rally in the pair Wednesday, putting spot above first resistance at the 50-day EMA of 0.6556 and potentially confirms the recent bout of weakness as corrective in nature. Nonetheless, moving average studies remain in a bear-mode position and continue to highlight a short-term downtrend. Initial firm resistance shifts to the Mar 21 high at 0.6635.

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  • RES 4: 0.6729 High Jan 12
  • RES 3: 0.6708 61.8% retracement of the Dec 28 - Feb 13 bear cycle
  • RES 2: 0.6668 High Mar 8 and the bull trigger
  • RES 1: 0.6635 High Mar 21
  • PRICE: 0.6556 @ 16:30 GMT Apr 03
  • SUP 1: 0.6481 Low Apr 1
  • SUP 2: 0.6478 Low Mar 5
  • SUP 3: 0.6443 Low Feb 13 and the bear trigger
  • SUP 4: 0.6412 76.4% Fibonacci retracement for Oct - Dec upleg

Broad USD weakness aided a rally in the pair Wednesday, putting spot above first resistance at the 50-day EMA of 0.6556 and potentially confirms the recent bout of weakness as corrective in nature. Nonetheless, moving average studies remain in a bear-mode position and continue to highlight a short-term downtrend. Initial firm resistance shifts to the Mar 21 high at 0.6635.