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Testing Support At The 50-Day EMA

AUDUSD TECHS
  • RES 4: 0.6976 2.00 proj of the Oct 13 - 27 - Nov 3 price swing
  • RES 3: 0.6956 High Aug 30
  • RES 2: 0.6909 76.4% retracement of the Aug 11 - Oct 13 downleg
  • RES 1: 0.6767/6893 High Dec 22 / 13 and the bull trigger
  • PRICE: 0.6693 @ 07:24 GMT Dec 23
  • SUP 1: 0.6629 Low Dec 20 and key short-term support.
  • SUP 2: 0.6585 Low Nov 21 and a key short-term support
  • SUP 3: 0.6531 50.0% retracement of the Oct 13 - Dec 13 climb
  • SUP 4: 0.6500 Round number support

AUDUSD failed to hold on to Wednesday’s high and remains inside its recent range. Support at the 50-day EMA - at 0.6664 - remains intact for now. A clear break of this EMA is required to suggest scope for a deeper pullback and 0.6629, this week’s low, is seen as a key short-term bear trigger. A resumption of gains would refocus attention on 0.6893, the Dec 13 high and the bull trigger. A break would resume the recent uptrend.

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