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Remains Below The 50-Day EMA

AUDUSD TECHS
  • RES 4: 0.7458 High Apr 20/21 and a key resistance
  • RES 3: 0.7379 High Apr 22
  • RES 2: 0.7300 50-day EMA
  • RES 1: 0.7266 High May 4 and intraday high
  • PRICE: 0.7086 @ 17:13 BST May 5
  • 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. The pair has traded above the 20-day EMA, however, a firmer resistance is seen at 0.7300. This is the 50-day EMA where a clear break is required to suggest scope for a stronger recovery. Short-term gains are considered corrective - for now. A resumption of weakness would refocus attention on Monday’s low of 0.7030. This level has been defined as key support and a bear trigger.

Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsForeign Exchange Bullets
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsForeign Exchange Bullets

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