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Watching Support

AUDUSD TECHS
  • RES 4: 0.6603 3.0% 10-dma envelope
  • RES 3: 0.6582 50.0% retracement of the Jul 13 - Oct 26 bear leg
  • RES 2: 0.6522/23 High Aug 30 and Sep 1 / Nov 6 and key resistance
  • RES 1: 0.6449 High Nov 8
  • PRICE: 0.6387 @ 16:42 GMT Nov 13
  • SUP 1: 0.6330 76.4% retracement of the Oct 26 - Nov 6 rally
  • SUP 2: 0.6315/0.6270 Low Oct 31 / 26 and the bear trigger
  • SUP 3: 0.6215 2.236 proj of the Jun 16 - Jun 29 - Jul 13 price swing
  • SUP 4: 0.6170 Low Oct 13 2022 and a key support

AUDUSD traded lower last week and price remains closer to the latest lows. Despite the pullback, a short-term bull cycle remains in play and the move down appears to be a correction. A reversal higher would signal the end of the correction and refocus attention on 0.6523, the Nov 6 high and the bull trigger. Support to watch lies at 0.6315, the Oct 31 low. Clearance of this level would expose the key support at 0.6270, the Oct 26 low.

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