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Technical Signals Remain Bearish

AUDUSD TECHS
  • RES 4: 0.6900 High Jun 16 and a key resistance
  • RES 3: 0.6871 High Dec 28 and the bull trigger
  • RES 2: 0.6729/71 High Jan 12 / 3
  • RES 1: 0.6588/6625 20-day EMA / High Jan 30 and key resistance
  • PRICE: 0.6521 @ 17:01 GMT Feb 7
  • SUP 1: 0.6469 Low Feb 05
  • SUP 2: 0.6453 Low Nov 17
  • SUP 3: 0.6412 76.4% Fibonacci retracement for Oct - Dec upleg
  • SUP 4: 0.6360 Low Nov 14

A bearish theme in AUDUSD remains intact and short-term gains are considered corrective. The recent break to fresh cycle lows confirms a resumption of the downtrend and signals scope for weakness towards 0.6453, the Nov 17 low. Moving average studies are crossing into a bear-mode set-up, strengthening a bearish theme. Key short-term resistance to watch has been defined at 0.6625, the Jan 30 high.

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