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Trades Above The 50-Day EMA

AUDUSD TECHS
  • RES 4: 0.6921 High Feb 20
  • RES 3: 0.6861 50.0% retracement of the Feb 2 - Mar 10 bear leg
  • RES 2: 0.6824 High Feb 24
  • RES 1: 0.6790 High Apr 3
  • PRICE: 0.6789 @ 21:08 BST Apr 3
  • SUP 1: 0.6651/25 Low Apr 3 / Low Mar 24 and key S/T support
  • SUP 2: 0.6590 Low Mar 15
  • SUP 3: 0.6565/47 Low Mar 10 / 61.8% of the Oct - Feb bull cycle
  • SUP 4: 0.6500 Round number support

AUDUSD traded sharply higher Monday and in the process breached resistance at the 50-day EMA. The average intersects at 0.6751 and the break highlights a stronger short-term bullish condition. A continuation higher would open 0.6824, the Feb 24 high. On the downside, key short-term support lies at 0.6625, the Mar 24 low. A break of this level would instead signal a bearish reversal.

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