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Approaching Key Resistance

AUDUSD TECHS
  • RES 4: 0.6751 76.4% retracement of the Dec 28 - Apr 19 bear leg
  • RES 3: 0.6705 High Jan 15
  • RES 2: 0.6668 High Mar 8 and key short-term resistance
  • RES 1: 0.6651 Intraday high
  • PRICE: 0.6642 @ 08:00 BST May 15
  • SUP 1: 0.6550 50-day EMA
  • SUP 2: 0.6465/6363 Low May 1 / Low Apr 19 and the bear trigger
  • SUP 3: 0.6339 Low Nov 10 and a key support
  • SUP 4: 0.6315 Low Oct 31 ‘23

A bullish condition in AUDUSD remains intact. Recent gains have resulted in the break of a number of short-term resistance points. This highlights potential for a test of 0.6668, the Mar 8 high and a key resistance. Clearance of this level would strengthen a bullish theme. On the downside, support to watch lies at 0.6550, the 50-day EMA. A reversal lower and a clear breach of this average would be viewed as a bearish short-term development.

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