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Testing Bear Trigger

AUDUSD TECHS
  • RES 4: 0.7379 High Apr 22
  • RES 3: 0.7292 50-day EMA
  • RES 2: 0.7266 High May 4/5 and key resistance
  • RES 1: 0.7135 High May 6
  • PRICE: 0.7015 @ 17:28 BST May 9
  • SUP 1: 0.6968 Low Jan 28 / May 9 and bear trigger
  • SUP 2: 0.6960 2.0% 10-dma envelope
  • SUP 3: 0.6921 Low Jul 14 2020
  • SUP 4: 0.6876 0.618 proj of the Apr 5 - May 2 - 4 price swing

AUDUSD has started the week on a bearish note and has resumed its current downtrend. The failure last week at 0.7266, high May 4/5 and the sharp reversal from this level reinforces a bearish theme. Moving average studies are in a bear mode too, highlighting current sentiment. The focus is on the next key support at 0.6968, the Jan 28 low and a bear trigger. On the upside, key resistance has been defined at 0.7266.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsForeign Exchange Bullets
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsForeign Exchange Bullets

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