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Recent Bullish Extension Exposes Key Resistance

AUDUSD TECHS
  • RES 4: 0.6751 76.4% retracement of the Dec 28 - Apr 19 bear leg
  • RES 3: 0.6705 High Jan 15
  • RES 2: 0.6668 High Mar 8 and key short-term resistance
  • RES 1: 0.6647 High May 3
  • PRICE: 0.6592 @ 08:00 BST May 7
  • SUP 1: 0.6534 50-day EMA
  • SUP 2: 0.6465/6363 Low May 1 / Low Apr 19 and the bear trigger
  • SUP 3: 0.6339 Low Nov 10 and a key support
  • SUP 4: 0.6315 Low Oct 31 ‘23

AUDUSD traded higher Friday and in the process breached resistance at 0.6587, the Apr 29 high. The break cancels a recent bearish threat and instead highlights a resumption of the bull leg that started Apr 19. This opens 0.6668, the Mar 8 high and a key resistance. Clearance of this level would strengthen a bullish theme. On the downside, a move below 0.6465, the May 1 low, is required to reinstate a bearish threat.

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