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Retracement Lower Extends

AUDUSD TECHS
  • RES 4: 0.7246 High Jun 7
  • RES 3: 0.7166 3.0% Upper Bollinger Band
  • RES 2: 0.7137 High Aug 11
  • RES 1: 0.6978/7040 50-day EMA / igh Aug 16
  • PRICE: 0.6922 @ 07:05 BST Aug 18
  • SUP 1: 0.6911/6870 Low Aug 17 / 5 and key support
  • SUP 2: 0.6789 76.4% retracement of the Jul 14 - Aug 11 upleg
  • SUP 3: 0.6719 Low Jul 15
  • SUP 4: 0.6682 14 and the bear trigger

AUDUSD traded lower Wednesday, extending the retracement from last week’s high of 0.7137 (Aug 11). A continuation lower would expose support at 0.6870, the Aug 5 low. Clearance of this level would undermine the recent bull theme and also signal scope for a deeper pullback. Initial firm resistance has been defined at 0.7040, the Aug 16 high where a break is required to ease the current bearish pressure.

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