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Aussie Awaits RBA Decision Next Week


(M2) Trend Condition Remains Bearish


(M2) At New Cycle Lows


Market Closure


Golden Week Begins

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  • RES 4: 1.4005 High Mar 12 and key near-term resistance
  • RES 3: 1.3959 High Mar 19
  • RES 2: 1.3891 20-day EMA
  • RES 1: 1.3825 Former bull channel base drawn off the Nov 2 low
  • PRICE: 1.3710 @ 06:01 GMT Mar 24
  • SUP 1: 1.3663 Low Feb 5
  • SUP 2: 1.3641 30.2% retracement of the Sep 23 - Feb 24 bull cycle
  • SUP 3: 1.3567 Low Feb 4
  • SUP 4: 1.3520 Low Jan 18

GBPUSD is bearish. Yesterday's move lower confirmed a breach of the bull channel base from the Nov 2, 2020 low. Furthermore, price has this week cleared the 50-day EMA and a former key support at 1.3779, Mar 5 low, triggering an important short-term reversal. The focus is on 1.3663 next, Feb 5 low. On the upside, the former channel base at 1.3825 today, provides initial resistance. Heavy!

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