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Starting The Week On A Firmer Note

AUDUSD TECHS
  • RES 4: 0.7343 61.8% retracement of the Apr 5 - May 12 bear leg
  • RES 3: 0.7266 High May 4/5 and a bull trigger
  • RES 2: 0.7181 50-day EMA
  • RES 1: 0.7135 Low May 6
  • PRICE: 0.7098 @ 06:42 BST May 23
  • SUP 1: 0.7002 Low May 20
  • SUP 2: 0.6950/29 Low May 18 / Low May 12 and the bear trigger
  • SUP 3: 0.6805 Low Jun 22 2020
  • SUP 4: 0.6784 0.764 proj of the Apr 5 - May 2 - 4 price swing

AUDUSD traded higher last week and in the process breached 0.7054, the May 11 high. The pair is firmer again today and a continuation higher would strengthen the current bull cycle and signal potential for a climb towards the 50-day EMA at 0.7181. Gains are still considered corrective and the primary direction remains down. The bear trigger is unchanged at 0.6829, the May 12 low. Initial firm support is at 0.6950, the May 18 low.

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