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Watching Support At The 20-Day EMA

AUDUSD TECHS
  • RES 4: 0.6616 High Aug 16
  • RES 3: 0.8582 50.0% retracement of the Jul 13 - Oct 26 bear leg
  • RES 2: 0.6578 3.0% 10-dma envelope
  • RES 1: 0.6522/23 High Aug 30 and Sep 1 / Nov 6 and key resistance
  • PRICE: 0.6425 @ 07:39 GMT Nov 7
  • SUP 1: 0.6388 20-day EMA
  • 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 is trading lower today, extending the pullback from yesterday’s 0.6523 high. Despite the pullback, a short-term bull cycle remains in play. The pair recently breached the 50-day EMA and sights are on the key resistance at 0.6522, the Aug 30 and Sep 1 high. A clear break of this hurdle would strengthen bullish conditions and expose 0.6582, a Fibonacci retracement point. Initial firm support to watch lies at 0.6388, the 20-day EMA.

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