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Recovers From Monday’s Low

AUDUSD TECHS
  • RES 4: 0.7371 High Nov 15
  • RES 3: 0.7341 61.8% retracement of the Oct 28 - Dec 3 downleg
  • RES 2: 0.7330 Former channel base drawn from the Aug 20 low
  • RES 1: 0.7278 High Dec 31
  • PRICE: 0.7233 @ 16:54 GMT Jan 5
  • SUP 1: 0.7184 Low Jan 3
  • SUP 2: 0.7121 Low Dec 22
  • SUP 3: 0.7082 Low Dec 20 and a key support
  • SUP 4: 0.7040 Low ec 7

AUDUSD sold off sharply Monday but has recovered from the session low. Key short-term resistance is at 0.7278, the Dec 31 high where a break is would confirm a resumption of the recent uptrend and pave the way for a climb towards 0.7330/41, a former channel base drawn from the Aug 20 low and a Fibonacci retracement. A resumption of weakness would instead threaten the bullish theme and expose 0.7082, the Dec 20 low.

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