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Approaching Support

AUDUSD TECHS
  • RES 4: 0.6771 High Jan 3
  • RES 3: 0.6751 76.4% retracement of the Dec 28 - Apr 19 bear leg
  • RES 2: 0.6729 High Jan 12
  • RES 1: 0.6680/6714 High May 28 / 16 and the bull trigger
  • PRICE: 0.6644 @ 16:29 BST May 30
  • SUP 1: 0.6591 Low May 30
  • SUP 2: 0.6585 50-day EMA
  • SUP 3: 0.6558 Low May 8
  • SUP 4: 0.6465/6407 Low May 1 / Low Apr 22

The bullish cycle in AUDUSD that started Apr 19 remains in play and the recent move down appears to have been a correction - for now. Attention is on the key short-term support at 0.6585, the 50-day EMA. A clear break of this average would signal scope for a deeper retracement and open 0.6558 initially, the May 8 low. For bulls, a resumption of gains would open 0.6751, a Fibonacci retracement.

Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsForeign Exchange Bullets
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsForeign Exchange Bullets

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