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Approaching The 50-Day EMA

AUDUSD TECHS
  • RES 4: 0.6861 50.0% retracement of the Feb 2 - Mar 10 bear leg
  • RES 3: 0.6824 High Feb 24
  • RES 2: 0.6772/0.6806 High Apr 20 / Apr 14 and key resistance
  • RES 1: 0.6711 50-day EMA
  • PRICE: 0.6695 @ 05:53 BST May 2
  • SUP 1: 0.6621/6565 Intraday low / Low Mar 10 and the bear trigger
  • SUP 2: 0.6547 61.8% of the Oct - Feb bull cycle
  • SUP 3: 0.6500 Round number support
  • SUP 4: 0.6403 76.4% of the Oct - Feb bull cycle

AUDUSD is trading higher following the RBA rate announcement. Price has traded above the 20-day EMA and attention turns to resistance at the 50-day EMA which intersects at 0.6711. A clear breach of this average is required to suggest scope for a stronger bounce. This would open 0.6772, the Apr 20 high. On the downside, key support to watch lies at 0.6565, the Mar 10 low. Clearance of this level would resume the downtrend that started on Feb 2.

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