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Testing The 50-Day EMA

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: 0.7245 50.0% retracement of the Apr 5 - May 12 bear leg
  • RES 1: 0.7230 High Jun 1
  • PRICE: 0.7157 @ 06:57 BST Jun 2
  • SUP 1: 0.7112/7036 20-day EMA / Low May 25
  • SUP 2: 0.6950 Low May 18
  • SUP 3: 0.6829 Low May 12 and the bear trigger
  • SUP 4: 0.6805 Low Jun 22 2020

AUDUSD continues to trade closer to its recent highs. A bull theme remains in place and the pair is testing resistance around the 50-day EMA. A continuation higher would open 0.7266, the May 4/5 high and a bull trigger. Gains are still considered corrective however and the primary trend direction is down. The bear trigger is 0.6829, May 12 low. Initial firm support to watch is at 0.7036, May 25 low.

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