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Briefly Tops 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: 0.6709/17 50-day EMA / High May 2
  • PRICE: 0.6673 @ 16:12 BST May 3
  • SUP 1: 0.6621/6565 Low May 3 / 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 traded higher Tuesday and briefly tested levels just above the 50-day EMA, at 0.6709. A clear breach of this EMA is required to suggest scope for a stronger bounce and open 0.6772, the Apr 20 high. On the downside, the 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 and this would pave the way for weakness towards 0.6547, a Fibonacci retracement point.

Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsForeign Exchange Bullets
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsForeign Exchange Bullets

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