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Topping 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: 0.7405 76.4% retracement of the Sep 3 - 29 downleg
  • RES 1: 0.7373 High Oct 11
  • PRICE: 0.7357 @ 06:44 BST Oct 12
  • SUP 1: 0.7226/7170 Low Oct 6 / Low Sep 29
  • SUP 2: 0.7126/06 / 2.0% 10-dma envelope / Low Aug 20 key support
  • SUP 3: 0.7053 38.2% retracement of the Mar '20 - Feb uptrend
  • SUP 4: 0.6991 Low Nov 2, 2020

AUDUSD added to its gains Monday. The pair has recently cleared both the 20- and 50-day EMAs and although the recovery is considered corrective, the break higher suggests scope for an extension. The focus is on 0.7405 next, a Fibonacci retracement. A break would expose 0.7478, Sep 3 high and a key short-term resistance. Support levels to watch lie at 0.7226, Oct 6 low and 0.7170, Sep 29 low. The latter is a bear trigger.

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