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Bullish S/T Theme Despite A Pullback

AUDUSD TECHS
  • RES 4: 0.7343 61.8% retracement of the Apr 5 - May 12 bear leg
  • RES 3: 0.7266 High May 4/5 and a bull trigger
  • RES 2: 0.7175 50-day EMA
  • RES 1: 0.7135 High May 6
  • PRICE: 0.7059 @ 17:38 BST May 25
  • SUP 1: 0.7002 Low May 20
  • SUP 2: 0.6950/29 Low May 18 / Low May 12 and the bear trigger
  • SUP 3: 0.6805 Low Jun 22 2020
  • SUP 4: 0.6784 0.764 proj of the Apr 5 - May 2 - 4 price swing

AUDUSD moved lower Wednesday but is still trading closer to its recent highs and maintains a firmer short-term tone. Resistance at 0.7054, May 11 high, has been cleared. A continuation higher would strengthen the current bull cycle and open the 50-day EMA at 0.7175. Gains are still considered corrective and the primary direction is down. The bear trigger is at 0.6829, the May 12 low. Initial firm support to watch is at 0.6950, the May 18 low.

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