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Trend Needle Points North

  • RES 4: 0.7283 High Jun 3 and a key resistance
  • RES 3: 0.7246 High Jun 7
  • RES 2: 0.7166 3.0% Upper Bollinger Band
  • RES 1: 0.7141 76.4% retracement of the Jun 3 - Jul 14 downleg
  • PRICE: 0.7102 @ 16:07 BST Aug 12
  • SUP 1: 0.6965/6870 20-day EMA / Low Aug 5
  • SUP 2: 0.6786 Low Jul 18
  • SUP 3: 0.6682 14 and the bear trigger
  • SUP 4: 0.6647 0.764 proj of the Apr 5 - May 12 - Jun 3 price swing

AUDUSD rallied further Thursday, extending this week’s bull cycle. The break of 0.7047, Aug 1 high, confirms a resumption of the uptrend that started Jul 14 and sets the scene for a continuation higher. The break has also established a bullish price sequence of higher highs and higher lows. The focus is on a climb toward 0.7141, a Fibonacci retracement. Support to watch is at 0.6870, Aug 5 low.

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