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Approaching Key Support

AUDUSD TECHS
  • RES 4: 0.6921 High Feb 20
  • RES 3: 0.6861 50.0% retracement of the Feb 2 - Mar 10 bear leg
  • RES 2: 0.6824 High Feb 24
  • RES 1: 0.6697/6818 50-day EMA / High May 10 and key resistance
  • PRICE: 0.6584 @ 07:58 BST May 24
  • SUP 1: 0.6574 Low Apr 28
  • SUP 2: 0.6565 Low May 10 and the bear trigger
  • SUP 3: 0.6547 61.8% of the Oct - Feb bull cycle
  • SUP 4: 0.6403 76.4% of the Oct - Feb bull cycle

AUDUSD is weaker today as the pair extends the bear cycle and the reversal on May 10. Attention is on key support at 0.6565, the Mar 10 low. Clearance of this level would confirm a resumption of the bear cycle that started Feb 2 and highlight a range breakout. This would open 0.6547, a Fibonacci retracement. On the upside, a breach of 0.6818 is required to reinstate a bullish theme. Initial firm resistance is seen at 0.6697, the 50-day EMA.

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