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Remains Above Key Short-Term Support

AUDUSD TECHS
  • RES 4: 0.6976 2.00 proj of the Oct 13 - 27 - Nov 3 price swing
  • RES 3: 0.6956 High Aug 30
  • RES 2: 0.6909 76.4% retracement of the Aug 11 - Oct 13 downleg
  • RES 1: 0.6851 High Dec 5 and the bull trigger
  • PRICE: 0.6695 @ 07:56 GMT Dec 7
  • SUP 1: 0.6675/6641 20-day EMA / Low Nov 29
  • SUP 2: 0.6619/6585 50-day EMA / Low Nov 21
  • SUP 3: 0.6387 Low Nov 10
  • SUP 4: 0.6272 Low Nov 3 and a key support

The AUDUSD trend condition is bullish despite this week’s early weakness that appears to be a correction. Price remains above the 50-day EMA at 0.6619 - a key support. A clear break of this average would be seen as a bearish development and signal scope for a deeper retracement. Last week’s gains resulted in a break of 0.6797, Nov 15 high. This confirms a resumption of the uptrend and opens 0.6909, a Fibonacci retracement.

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