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Support Remains Exposed

AUDUSD TECHS
  • RES 4: 0.6729 High Jan 12
  • RES 3: 0.6708 61.8% retracement of the Dec 28 - Feb 13 bear cycle
  • RES 2: 0.6632/68 High Mar 14 / 8 and the bull trigger
  • RES 1: 0.6584 High Mar 15
  • PRICE: 0.6531 @ 07:28 GMT Mar 20
  • SUP 1: 0.6504/6478 Low Mar 19 / 5
  • SUP 2: 0.6443 Low Feb 13 and the bear trigger
  • SUP 3: 0.6412 76.4% Fibonacci retracement for Oct - Dec upleg
  • SUP 4: 0.6360 Low Nov 14

AUDUSD traded lower Tuesday and the pair remains below its recent highs. The latest pullback appears to be a correction, however, the breach of the 50-day EMA does signal scope for an extension and this has exposed support at 0.6478, the Mar 5 low. The bear trigger lies at 0.6443, the Feb 13 low. Clearance of resistance at 0.6668, the Mar 8 high, is required to resume the recent bull cycle and open 0.6708, a Fibonacci retracement.

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