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Sharp Reversal Ends Correction

AUDUSD TECHS
  • RES 4: 0.7034 76.4% retracement of the Aug 11 - Sep 7 bear leg
  • RES 3: 0.7009 High Aug 26 and a key short-term resistance
  • RES 2: 0.6970 61.8% retracement of the Aug 11 - Sep 7 bear leg
  • RES 1: 0.6846/6916 20-day EMA / High Sep 13
  • PRICE: 0.6716 @ 07:23 BST Sep 14
  • SUP 1: 0.6699 Low Sep 7
  • SUP 2: 0.6682 Low Jul 14 and the bear trigger
  • SUP 3: 0.6647 0.764 proj of the Apr 5 - May 12 - Jun 3 price swing
  • SUP 4: 0.6612 Low May 29

A bearish theme in AUDUSD remains intact and the sharp sell-off Tuesday confirms the end of the recent corrective bounce. Yesterday’s high of 0.6916 marks a key short-term resistance. Attention is on initial support at 0.6699, the Sep 7 low and 0.6682, the Jul 14 low. A break of these two levels would confirm a resumption of the broader downtrend, strengthen bearish conditions and would open 0.6647 initially, a Fibonacci projection.

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