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Testing The 50-Day EMA

AUDUSD TECHS
  • RES 4: 0.7503 High Jul 13
  • RES 3: 0.7478 High Sep 3 and the bull trigger
  • RES 2: 0.7410 High Sep 10
  • RES 1: 0.7338/60 High Oct 8 / 61.8% of the Sep 3 - Sep 29 downleg
  • PRICE: 0.7327 @ 06:47 BST Oct 11
  • SUP 1: 0.7226/7170 Low Oct 6 / Low Sep 29
  • SUP 2: 0.7120/06 / 2.0% 10-dma envelope / Low Aug 20 bear trigger
  • SUP 3: 0.7053 38.2% retracement of the Mar '20 - Feb uptrend
  • SUP 4: 0.6991 Low Nov 2, 2020

AUDUSD is holding onto recent gains. The outlook remains bearish though, following recent weakness in September. 0.7194 has been cleared, 76.4% of the Aug 20 - Sep 3 rally and this opens 0.7106, Aug 20 low and a bear trigger. A break would confirm a resumption of the broader downtrend from late February. The Aussie is testing its 50-day EMA, at 0.7325. A clear breach would suggest scope for an extension of the correction.

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