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Holding Above Last Week’s Low


Corrective Pullback Extends


EGB Supply For W/C May 16, 2022 (2/2)


EGB Supply For W/C May 16, 2022 (1/2)

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Support Remains Exposed

  • RES 4: 0.7371 High Nov 15
  • RES 3: 0.7362 Former channel base drawn from the Aug 20 low
  • RES 2: 0.7277/7314 High Jan 20 / High Jan 13
  • RES 1: 0.7188 High Jan 24
  • PRICE: 0.7141 @ 17:29 GMT Jan 25
  • SUP 1: 0.7082 Low Dec 20 and a key support
  • SUP 2: 0.7130 Low Jan 7
  • SUP 3: 0.7069 76.4% retracement of the Dec 3 - Jan 13 upleg
  • SUP 4: 0.6993 Low Dec 3

AUDUSD remains vulnerable. The pair traded sharply lower Monday and in the process cleared support at 0.7130, Jan 7 low. The recent failure to hold above the 50-day EMA and subsequent sharp sell-off strengthens the case for bears and signals potential for a deeper pullback. This has exposed 0.7082, the Dec 20 low and potentially 0.6993 further out, the Dec 3 low. Monday’s intraday high of 0.7188, marks initial resistance.

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