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Trades Through Resistance

AUDUSD TECHS
  • RES 4: 0.8044 High Feb 2, 2018
  • RES 3: 0.8007 High Feb 25 and the bull trigger
  • RES 2: 0.7916 76.4% retracement of the Feb 25 - Mar 9 low
  • RES 1: 0.7860 61.8% retracement of the Feb 25 - Mar 9 low
  • PRICE: 0.7801 @ 16:23 GMT Mar 18
  • SUP 1: 0.7760 20-day EMA
  • SUP 2: 0.7699 Low Mar 17
  • SUP 3: 0.7669 Low Mar 10
  • SUP 4: 0.7621 Low Mar 9 and the bear trigger

AUDUSD is firmer and has breached resistance at 0.7800, Mar 12 high. The break higher places hold a recent bearish focus. Instead, potential is seen for an extension higher with the focus on 0.7860, a Fibonacci retracement. A break of this level would strengthen the likelihood of a move towards key resistance at 0.8007, Feb 25 high. On the downside, short-term support has been defined at 0.7699, Mar 17 low.

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