May 17, 2024 06:32 GMT
Bullish Outlook
AUDUSD TECHS
- RES 4: 0.6771 High Jan 3
- RES 3: 0.6751 76.4% retracement of the Dec 28 - Apr 19 bear leg
- RES 2: 0.6729 High Jan 12
- RES 1: 0.6714 High May 16
- PRICE: 0.6673 @ 07:30 BST May 17
- SUP 1: 0.6587 20-day EMA
- SUP 2: 0.6560 50-day EMA
- SUP 3: 0.6465/6407 Low May 1 / Low Apr 22
- SUP 4: 0.6363 Low Apr 19 and the bear trigger
A bullish condition in AUDUSD remains intact following this week’s gains. The move higher resulted in the break of a number of short-term resistance points and Wednesday’s rally cleared a key short-term resistance at 0.6668, the Mar 8 high. The break strengthens a bullish theme and paves the way for a climb towards 0.6751, a Fibonacci retracement. On the downside, support to watch lies at 0.6560, the 50-day EMA.
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