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Sights Are On The Bear Trigger

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Watching The 50-Day EMA

AUDUSD TECHS
  • RES 4: 0.6682 Low Jul 14 and a recent breakout level
  • RES 3: 0.6656 High Sep 23
  • RES 2: 0.6550 50-day EMA
  • RES 1: 0.6547 High Oct 4 and key resistance
  • PRICE: 0.6407 @ 15:37 BST Oct 28
  • SUP 1: 0.6401/6303 20-day EMA / Low Oct 25
  • SUP 2: 0.6210/6170 Low Oct 21 / 13 and the bear trigger
  • SUP 3: 0.6133 1.382 proj of the Apr 5 - May 12 - Jun 3 price swing
  • SUP 4: 0.6099 76.4% retracement of the 2020 - 2021 bull cycle

AUDUSD is trading closer to this week’s highs. The outlook is bullish following the reversal from 0.6170, the Oct 13 low. The focus is on 6547, Oct 4 high and the 50-day EMA, a key short-term hurdle that intersects at 0.6550. A break of this EMA would strengthen current bullish conditions. Note that gains are still considered corrective and the broader trend direction remains down. Initial support to watch lies at 0.6401, the 20-day EMA.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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