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Still Range Bound

AUDUSD TECHS
  • RES 4: 0.8007 High Feb 25 and the bull trigger
  • RES 3: 0.7911 2.0% 10-dma envelope
  • RES 2: 0.7891/95 High May 10 / 76.4% of the Feb 25 - Apr 1 sell-off
  • RES 1: 0.7813/46 High May 18 / High May 12
  • PRICE: 0.7737 @ 06:41 BST May 28
  • SUP 1: 0.7688 Low May 13
  • SUP 2: 0.7675 Low May 4 and key support
  • SUP 3: 0.7635 Low Apr 14
  • SUP 4: 0.7586 Low Apr 13

AUDUSD is unchanged and continues to trade in a range. A bearish theme dominates though following the recent move lower to 0.7688 on May 13. A firm support zone has been defined at 0.7688-75, the latter is the May 4 low. Clearance of this support would strengthen a bearish case and signal scope for a deeper pullback towards 0.7586, the Apr 13 low. For bulls, a breach of 0.7813, May 18 high would be positive and open 0.7891, high May 10.

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