Approaching The 50-Day EMA

• RES 4: 0.6682 Low Jul 14 and a recent breakout level
• RES 3: 0.6656 High Sep 23
• RES 2: 0.6563 50-day EMA
• RES 1: 0.6547 High Oct 4 and key resistance
• PRICE: 0.6489 @ 08:09 BST Oct 27
• SUP 1: 0.6395/03 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 has traded higher again today, cementing the current bullish theme following the reversal from 0.6170, the Oct 13 low. Attention is on 0.6547, Oct 4 high and the 50-day EMA - a key short-term hurdle. The average intersects at 0.6554 where a break would suggest scope for a continuation higher. Note that gains are considered corrective and the broader trend direction remains down. Initial support lies at 0.6395, the 20-day EMA.