May 31, 2024 06:55 GMT
Support Holds
AUDUSD TECHS
- RES 4: 0.6771 High Jan 3
- RES 3: 0.6751 76.4% retracement of the Dec 28 - Apr 19 bear leg
- RES 2: 0.6729 High Jan 12
- RES 1: 0.6680/6714 High May 28 / 16 and the bull trigger
- PRICE: 0.6639@ 07:55 BST May 31
- SUP 1: 0.6591 Low May 30
- SUP 2: 0.6587 50-day EMA
- SUP 3: 0.6558 Low May 8
- SUP 4: 0.6465/6407 Low May 1 / Low Apr 22
A bullish cycle in AUDUSD that started Apr 19 remains intact and recent short-term weakness appears to have been a correction. Attention is on the key short-term support at 0.6587, the 50-day EMA. A clear break of this average would signal scope for a deeper retracement and open 0.6558 initially, the May 8 low. For bulls, a resumption of gains would pave the way for 0.6751, a Fibonacci retracement.
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