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Trading Within Its Directional Triggers

AUSSIE TECHS
  • RES 4: 0.7295 High Jan 2019
  • RES 3: 0.7284 High Feb 2019
  • RES 2: 0.7241/43 High Aug 5 / 7 and the bull trigger
  • RES 1: 0.7196 Intraday high
  • PRICE: 0.7182 @ 10:34 BST Aug 17
  • SUP 1: 0.7109 Low Aug 12
  • SUP 2: 0.7076 Low Aug 3 and the bear trigger
  • SUP 3: 0.7064/15 Low Jul 24 / 50-dma
  • SUP 4: 0.7010 Low Jul 21

AUDUSD maintains its current consolidative tone with the pair trading below 0.7243, Aug 7 high. Activity this month has defined near-term directional triggers at the 0.7243 high and 0.7076, the Aug 3 low. The underlying trend remains bullish and a breach of 0.7243 would confirm a resumption of strength opening 0.7295, the Jan 2019 high. On the downside, weakness through 0.7076 would instead signal a near-term reversal.

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