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Corrective Bounce Extends

AUDUSD TECHS
  • RES 4: 0.7266 High May 4/5 and a bull trigger
  • RES 3: 0.7192 50-day EMA
  • RES 2: 0.7135 Low May 6
  • RES 1: 0.7073 Intraday high
  • PRICE: 0.7041 @ 06:56 BST May 20
  • SUP 1: 0.6950/29 Low May 18 / Low May 12 and the bear trigger
  • SUP 2: 0.6805 Low Jun 22 2020
  • SUP 3: 0.6784 0.764 proj of the Apr 5 - May 2 - 4 price swing
  • SUP 4: 0.6759 50.0% retracement of the Mar ‘20 - Feb ‘21 upleg

AUDUSD traded higher Thursday and in the process breached 0.7054, the May 11 high. An extension higher would strengthen the current bull cycle and signal potential for a climb towards the 50-day EMA at 0.7187. Gains are still considered corrective and the primary direction remains down. The bear trigger is unchanged at 0.6829, the May 12 low. A break would resume the downtrend.

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