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Short-Term Pullback Appears To Be A Correction

AUDUSD TECHS
  • RES 4: 0.7029 High Feb 14
  • RES 3: 0.6993 76.4% retracement of the Feb - May downleg
  • RES 2: 0.6921 High Feb 20
  • RES 1: 0.6857/6900 High Jun 20 / 16
  • PRICE: 0.6778 @ 16:53 BST Jun 21
  • SUP 1: 0.6741 Low Jun 21
  • SUP 2: 0.6728 20-day EMA
  • SUP 3: 0.6698 50-day EMA
  • SUP 4: 0.6610 Low Jun 6

A strong rally last Thursday in AUDUSD reinforced bullish conditions and confirmed an extension of the bull cycle from May 31. The pair cleared key resistance at 0.6818, May 10 high. This reinforces bullish conditions and opens 0.6921 next, the Feb 20 high. Further out, scope is seen for gains to 0.6993, a Fibonacci retracement. The pullback this week is considered corrective. The next firm support lies at 0.6728, the 20-day EMA.

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