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Fails To Hold On To Its Gains

AUDUSD TECHS
  • RES 4: 0.7458 High Apr 20/21 and a key resistance
  • RES 3: 0.7379 High Apr 22
  • RES 2: 0.7292 50-day EMA
  • RES 1: 0.7266 High May 4/5
  • PRICE: 0.7100 @ 17:26 BST May 6
  • SUP 1: 0.7030 Low May 2 and the bear trigger
  • SUP 2: 0.6985 Low Jan 31
  • SUP 3: 0.6968 Low Jan 28 and a bear trigger
  • SUP 4: 0.6921 Low Jul 14 2020

AUDUSD rallied Wednesday before wholly reversing the move into the Thursday close. Firm resistance is seen at 0.7292, the 50-day EMA where a clear break is required to suggest scope for a stronger recovery. Recent short-term gains are considered corrective. A continuation lower would refocus attention on Monday’s low of 0.7030. This level has been defined as key support and the bear trigger.

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  • RES 4: 0.7458 High Apr 20/21 and a key resistance
  • RES 3: 0.7379 High Apr 22
  • RES 2: 0.7292 50-day EMA
  • RES 1: 0.7266 High May 4/5
  • PRICE: 0.7100 @ 17:26 BST May 6
  • SUP 1: 0.7030 Low May 2 and the bear trigger
  • SUP 2: 0.6985 Low Jan 31
  • SUP 3: 0.6968 Low Jan 28 and a bear trigger
  • SUP 4: 0.6921 Low Jul 14 2020

AUDUSD rallied Wednesday before wholly reversing the move into the Thursday close. Firm resistance is seen at 0.7292, the 50-day EMA where a clear break is required to suggest scope for a stronger recovery. Recent short-term gains are considered corrective. A continuation lower would refocus attention on Monday’s low of 0.7030. This level has been defined as key support and the bear trigger.