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Shooting Star Candle Still In Play

AUDUSD TECHS
  • RES 4: 0.7599 High Jul 6, 2021
  • RES 3: 0.7556 High Oct 28, 2021 and a key resistance
  • RES 2: 0.7532 High Nov 2, 2021
  • RES 1: 0.7441 High Mar 7 and the bull trigger
  • PRICE: 0.7350 @ 07:00 GMT Mar 11
  • SUP 1: 0.7258/45 20-day EMA / Low Mar 8
  • SUP 2: 0.7220 50-day EMA
  • SUP 3: 0.7141 Low Feb 25
  • SUP 4: 0.7095 Low Feb 24

AUDUSD has recovered from Tuesday’s low but remains below Monday’s high of 0.7441. Recent weakness still suggests scope for a deeper correction - Monday’s price pattern is a bearish shooting star candle, highlighting a S/T top. This has exposed 0.7258/20, the 20- and 50-day EMA values and a key support zone. The primary trend remains up though. A continuation higher would refocus attention on 0.7441, the bull trigger.

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