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Resistance Seen At The 50-Day EMA

  • RES 4: 0.6818 High May 10 and key resistance
  • RES 3: 0.6710 High May 16
  • RES 2: 0.6654 50-day EMA
  • RES 1: 0.6638 High Jun 02
  • PRICE: 0.6595 @ 08:02 BST Jun 5
  • SUP 1: 0.6567/6458 Low May 31 and the bear trigger
  • 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 traded higher Friday, extending the recovery from last Wednesday’s low. The 20-day EMA has been breached and attention turns to resistance at the 50-day EMA, which intersects at 0.6654. A clear break of this EMA would signal scope for a stronger recovery. The trend outlook remains bearish, a reversal lower would refocus attention on the bear trigger at 0.6458, the May 31 low.

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