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Breaches The 50-Day EMA

AUDUSD TECHS
  • RES 4: 0.6818 High May 10 and key resistance
  • RES 3: 0.6733 76.4% retracement of the May 10 - 31 bear leg
  • RES 2: 0.6710 High May 16
  • RES 1: 0.6685 High Jun 6
  • PRICE: 0.6666 @ 16:29 BST Jun 6
  • SUP 1: 0.6567/6458 Low May 31 and the bear trigger
  • SUP 2: 0.6403 76.4% of the Oct - Feb bull cycle
  • SUP 3: 0.6387 Low Nov 10 2022
  • SUP 4: 0.6272 Low Nov 3 2022

AUDUSD is trading higher following the unexpected RBA rate hike, marking an extension of the recovery from the May 31 low. Resistance at the 50-day EMA has been cleared The average intersects at 0.6653. This signals scope for a stronger recovery and opens 0.6710, May 16 high. On the downside, a reversal lower is required to refocus attention on 0.6458, the May 31 low. A break of this support would resume the downtrend that started Feb 2.

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