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Unable So Far To Remain Above The 50-Day EMA

AUDUSD TECHS
  • RES 4: 0.6921 High Feb 20
  • RES 3: 0.6861 50.0% retracement of the Feb 2 - Mar 10 bear leg
  • RES 2: 0.6824 High Feb 24
  • RES 1: 0.6736/0.6806 50-day EMA / High Apr 14
  • PRICE: 0.6716 @ 08:16 BST Apr 17
  • SUP 1: 0.6685/6620 Low Apr 14 / 10
  • SUP 2: 0.6590 Low Mar 15
  • SUP 3: 0.6565/47 Low Mar 10 / 61.8% of the Oct - Feb bull cycle
  • SUP 4: 0.6500 Round number support

AUDUSD topped the 50-day EMA last but has failed to remain above the average. A key short-term resistance has been defined at 0.6806, Friday’s high. A break would reinstate a bullish theme and signal scope for a climb towards 0.6861, a Fibonacci retracement. On the downside, support to watch is 0.6620, the Apr 10 low. Clearance of this level would be seen as a bearish development and leave the bear trigger at 0.6565 exposed, Mar 10 low.

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