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Watching Support At The 20-Day EMA

  • RES 4: 0.6821 High Jul 27
  • RES 3: 0.6747 76.4% retracement of the Jul 13 - Oct 26 bear leg
  • RES 2: 0.6733 2.0% 10-dma envelope
  • RES 1: 0.6623/91 High Dec 5 / 4 and the bull trigger
  • PRICE: 0.6595 @ 07:56 GMT Dec 6
  • SUP 1: 0.6547/44 20-day EMA / Low Dec 5
  • SUP 2: 0.6488 50-day EMA
  • SUP 3: 0.6453 Low Nov 17
  • SUP 4: 0.6360 Low Nov 14

The uptrend in AUDUSD remains intact and the pullback from Monday’s high is considered corrective - for now. Last week’s rally reinforced the current trend direction. Price has traded through 0.6656, 61.8% of the Jul 13 - Oct 26 bear leg. This signals scope for 0.6733, the 2.0% 10-dma envelope. Firm support is seen at 0.6547, the 20-day EMA. The average has been tested. A clear break of it would open 0.6488, the 50-day EMA.

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