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Fades Off 50-Day EMA Resistance

AUDUSD TECHS
  • RES 4: 0.6644 High Apr 9
  • RES 3: 0.6617 50.0% retracement of the Dec 28 - Apr 19 bear leg
  • RES 2: 0.6557 38.2% retracement of the Dec 28 - Apr 19 bear leg
  • RES 1: 0.527/30 50-day EMA / intraday high
  • PRICE: 0.6490 @ 16:35 BST Apr 24
  • SUP 1: 0.6441/6363 Low Apr 23 / 19
  • SUP 2: 0.6339 Low Nov 10 and a key support
  • SUP 3: 0.6315 Low Oct 31 ‘23
  • SUP 4: 0.6270 Low Oct 26 ‘23 and a key support

AUDUSD is trading higher this week and the pair has arrived at an important short-term pivot resistance. 0.6527 is the 50-day EMA and a clear break of this average would highlight a stronger reversal and signal scope for a cimb towards 0.6644, the Apr 9 high. A bearish trend theme remains intact and a reversal lower would refocus attention on 0.6363, the Apr 19 low and bear trigger. A break of this support would resume the downtrend.

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