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Through Support At The 50-Day EMA

AUDUSD TECHS
  • RES 4: 0.6748 High Jan 5
  • RES 3: 0.6729 High Jan 12
  • RES 2: 0.6708 61.8% retracement of the Dec 28 - Feb 13 bear cycle
  • RES 1: 0.6632/68 High Mar 14 / 8 and the bull trigger
  • PRICE: 0.6562 @ 07:31 GMT Mar 18
  • SUP 1: 0.6552 Low Mar 15
  • SUP 2: 0.6478/6443 Low Mar 5 / 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 remains below its recent highs. The latest pullback appears to be a correction. The pair has traded through support around the 50-day EMA - at 0.6571. A clear break of this average would signal scope for a deeper pullback towards the next key support at 0.6478, the Mar 5 low. On the upside, clearance of resistance at 0.6668, the Mar 8 high, is required to resume the bull cycle and this would open 0.6708, a Fibonacci retracement.

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