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Remains Below Last Weeks Highs

  • RES 4: 0.7341 61.8% retracement of the Oct 28 - Dec 3 downleg
  • RES 3: 0.7293 Former channel base drawn from the Aug 20 low
  • RES 2: 0.7259 50-day EMA
  • RES 1: 0.7176/87 20-day EMA / High Dec 9
  • PRICE: 0.7116 @ 06:49 GMT Dec 14
  • SUP 1: 0.7090/7040 Intraday low / Low Dec 7
  • SUP 2: 0.6993/91 Low Dec 3 / Low Nov 2 2020 and a key support
  • SUP 3: 0.6963 Low Jul 16 2020
  • SUP 4: 0.6921 Low Jul 14 2020

AUDUSD is softer and is reversing part of last week’s gains. The pair has recently tested the 20-day EMA that intersects at 0.7176. A clear break of this average would strengthen the current bull cycle and signal scope for a climb towards 0.7293, the base of the bull channel drawn from the Aug 20 low. The channel base was breached on Nov 19. For bears, a deeper pullback would refocus attention on 0.6991, Nov 2 2020 low and the bear trigger.

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