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Recent Move Lower Likely A Correction

AUDUSD TECHS
  • RES 4: 0.7141 76.4% retracement of the Jun 3 - Jul 14 downleg
  • RES 3: 0.7069 High Jun 16
  • RES 2: 0.7047/53 High Aug 1 / 61.8% of the Jun 3 - Jul 14 downleg
  • RES 1: 0.6990 High Aug 4
  • PRICE: 0.6936 @ 07:00 BST Aug 8
  • SUP 1: 0.6859 Low Jul 21
  • SUP 2: 0.6786 Low Jul 18
  • SUP 3: 0.6682 14 and the bear trigger
  • SUP 4: 0.6647 0.764 proj of the Apr 5 - May 12 - Jun 3 price swing

AUDUSD remains below the Aug 1 high and the pair traded lower again Friday. The short-term outlook remains bullish and for now, the latest pullback is considered corrective. A resumption of strength, and a break of resistance at 0.7047, Aug 1 high, would open the Jun 16 high at 0.7069. Further out there is scope for a climb towards 0.7141, a Fibonacci retracement. Support to watch is at 0.6859, the Jul 21 low.

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  • RES 4: 0.7141 76.4% retracement of the Jun 3 - Jul 14 downleg
  • RES 3: 0.7069 High Jun 16
  • RES 2: 0.7047/53 High Aug 1 / 61.8% of the Jun 3 - Jul 14 downleg
  • RES 1: 0.6990 High Aug 4
  • PRICE: 0.6936 @ 07:00 BST Aug 8
  • SUP 1: 0.6859 Low Jul 21
  • SUP 2: 0.6786 Low Jul 18
  • SUP 3: 0.6682 14 and the bear trigger
  • SUP 4: 0.6647 0.764 proj of the Apr 5 - May 12 - Jun 3 price swing

AUDUSD remains below the Aug 1 high and the pair traded lower again Friday. The short-term outlook remains bullish and for now, the latest pullback is considered corrective. A resumption of strength, and a break of resistance at 0.7047, Aug 1 high, would open the Jun 16 high at 0.7069. Further out there is scope for a climb towards 0.7141, a Fibonacci retracement. Support to watch is at 0.6859, the Jul 21 low.