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Trading North Of 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: 0.7204 Intraday high
  • PRICE: 0.7168 @ 15:35 BST May 31
  • SUP 1: 0.7097/36 20-day EMA / Low May 25
  • SUP 2: 0.6950/29 Low May 18 / Low May 12 and the bear trigger
  • SUP 3: 0.6805 Low Jun 22 2020
  • SUP 4: 0.6784 0.764 proj of the Apr 5 - May 2 - 4 price swing

AUDUSD extended recent strength into the Monday close before moderating slightly on Tuesday. The current bull theme persists. The resumption of gains put prices north of the 50-day EMA, at 0.7170 and has exposed resistance at 0.7266, the May 4/5 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. A reversal lower would open firm support at 0.7036 initially, May 25 low.

Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsForeign Exchange Bullets
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsForeign Exchange Bullets

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