May 23, 2024 19:30 GMT
Corrective Pullback
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: 0.6625 @ 16:20 BST May 23
- SUP 1: 0.6611 20-day EMA
- SUP 2: 0.6575 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
The latest pullback in AUDUSD appears to be a correction. A bullish condition remains intact following recent gains. The pair has recently cleared a number of short-term resistance points and the May 15 rally resulted in a breach of a key short-term hurdle at 0.6668, the Mar 8 high. The break strengthens a bullish theme and opens 0.6751, a Fibonacci retracement. On the downside, support to watch lies at 0.6575, the 50-day EMA.
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