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Recent Gains Appear To Be A Correction

  • RES 4: 0.6723 High Aug 1
  • RES 3: 0.6616 High Aug 16
  • RES 1: 0.6575 50-day EMA
  • RES 2: 0.6522 High Aug 30
  • PRICE: 0.6471 @ 17:57 BST Aug 31
  • SUP 1: 0.6365 Low Aug 17 and the bear trigger
  • SUP 2: 0.6285 Low Nov 4 2022
  • SUP 3: 0.6272 Low Nov 3 2022 and a key support
  • SUP 4: 0.6215 2.236 proj of the Jun 16 - Jun 29 - Jul 13 price swing

The AUDUSD trend condition remains bearish and the latest recovery appears to be a correction. Resistance at the 20-day EMA of 0.6490 has been pierced, but markets look to cement a break before any reversal higher can be confirmed. The 50-day EMA is at 0.6575 - a key resistance. A resumption of the downtrend and a break of 0.6365, the Aug 17 low, would pave the way for weakness towards 0.6285 next, the Nov 4 2022 low.

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