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Cracks Key Support

AUDUSD TECHS
  • RES 4: 0.6818 High May 10 and key resistance
  • RES 3: 0.6796 High MAy 11
  • RES 2: 0.6697 50-day EMA
  • RES 1: 0.6620 Intraday high
  • PRICE: 0.6536 @ 16:17 BST May 24
  • SUP 1: 0.6532 Low May 24
  • SUP 2: 0.6403 76.4% of the Oct - Feb bull cycle
  • SUP 3: 0.6387 Low Nov 10 2022
  • SUP 4: 0.6272 Low Nov 3 2022

AUDUSD is trading lower Wednesday. Price has breached key support at 0.6565, the Mar 10 low. A clear break of this level would confirm a resumption of the bear cycle that started Feb 2 and highlight a range breakout. The focus shifts to the 0.6403 Fibonacci retracement. On the upside, a breach of 0.6818 is required to reinstate a bullish theme. Initial firm resistance is seen at 0.6697, the 50-day EMA.

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