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Bearish Threat Still Present

AUDUSD TECHS
  • RES 4: 0.7458 High Apr 20/21 and a key resistance
  • RES 3: 0.7379 High Apr 22
  • RES 2: 0.7301 50-day EMA
  • RES 1: 0.7251/7261 High May 4 / High Apr 25
  • PRICE: 0.7213 @ 20:05 BST May 4
  • SUP 1: 0.7030 Low May 2
  • SUP 2: 0.6985 Low Jan 31
  • SUP 3: 0.6968 Low Jan 28 and a bear trigger
  • SUP 4: 0.6921 Low Jul 14 2020

AUDUSD rallied Wednesday, clearing to new weekly highs and taking out first resistance. This shifts upside focus to 0.7261, Apr 5 high. Firmer resistance however is at 0.7301, the 50-day EMA. Nonetheless, the overarching trend is unchanged and remains bearish. The pair has recently cleared support at 0.7165, the Mar 15 low and a former bear trigger. The break has reinforced bearish conditions and has also resulted in a breach of 0.7095, the Feb 24 low. This opens 0.6968 next, the Jan 28 low and a key support.

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  • RES 4: 0.7458 High Apr 20/21 and a key resistance
  • RES 3: 0.7379 High Apr 22
  • RES 2: 0.7301 50-day EMA
  • RES 1: 0.7251/7261 High May 4 / High Apr 25
  • PRICE: 0.7213 @ 20:05 BST May 4
  • SUP 1: 0.7030 Low May 2
  • SUP 2: 0.6985 Low Jan 31
  • SUP 3: 0.6968 Low Jan 28 and a bear trigger
  • SUP 4: 0.6921 Low Jul 14 2020

AUDUSD rallied Wednesday, clearing to new weekly highs and taking out first resistance. This shifts upside focus to 0.7261, Apr 5 high. Firmer resistance however is at 0.7301, the 50-day EMA. Nonetheless, the overarching trend is unchanged and remains bearish. The pair has recently cleared support at 0.7165, the Mar 15 low and a former bear trigger. The break has reinforced bearish conditions and has also resulted in a breach of 0.7095, the Feb 24 low. This opens 0.6968 next, the Jan 28 low and a key support.