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Clears Resistance At 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: 0.6744 High May 4
  • PRICE: 0.6738 @ 15:57 BST May 5
  • SUP 1: 0.6640/6565 Low May 4 /
  • SUP 2: 0.6565 Low Mar 10 and the bear trigger
  • SUP 3: 0.6547 61.8% of the Oct - Feb bull cycle
  • SUP 4: 0.6500 Round number support

AUDUSD traded higher Friday and has cleared resistance at the 50-day EMA. A continuation would signal scope for a test of 0.6772, the Apr 20 high and a breach of this level would expose key resistance at 0.6806, Apr 14 high. On the downside, key support to watch lies at 0.6565, Mar 10 low. Clearance of this level would be bearish and would resume the downtrend that started Feb 2.

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