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: 0.6487 @ 16:05 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 erased intraday losses to finish broadly flat. This works in fafvour of 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.