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Support At The 20-Day EMA Remains Intact

AUDUSD TECHS
  • RES 4: 0.6616 High Aug 16
  • RES 3: 0.6586 3.0% 10-dma envelope
  • RES 2: 0.8582 50.0% retracement of the Jul 13 - Oct 26 bear leg
  • RES 1: 0.6522/23 High Aug 30 and Sep 1 / Nov 6 and key resistance
  • PRICE: 0.6443 @ 07:54 GMT Nov 8
  • SUP 1: 0.6393 20-day EMA
  • SUP 2: 0.6315/0.6270 Low Oct 31 / 26 and the bear trigger
  • SUP 3: 0.6215 2.236 proj of the Jun 16 - Jun 29 - Jul 13 price swing
  • SUP 4: 0.6170 Low Oct 13 2022 and a key support

AUDUSD traded lower Tuesday, extending the pullback from Monday’s 0.6523 high. Despite this week’s sell-off, a short-term bull cycle remains in play. The pair recently breached the 50-day EMA and this has exposed key resistance at 0.6522, the Aug 30 and Sep 1 high. A clear break of this hurdle would strengthen bullish conditions and open 0.6582, a Fibonacci retracement point. Initial firm support lies at 0.6393, the 20-day EMA.

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