Short-Term Outlook Remains Bullish

• 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: 0.6625 @ 16:11 BST May 14
• SUP 1: 0.6549 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

Recent gains in AUDUSD resulted in a breach of 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. The pair has pulled back from its most recent highs, a move below 0.6465, the May 1 low, is required to reinstate a bearish threat.