May 29, 2024 19:30 GMT
Trend Needle Points North
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: 0.6714 High May 16 and the bull trigger
- PRICE: 0.6617 @ 19:35 BST May 29
- SUP 1: 0.6592 Low May 24
- SUP 2: 0.6584 50-day EMA
- SUP 3: 0.6558 Low May 8
- SUP 4: 0.6465/6407 Low May 1 / Low Apr 22
The bullish cycle in AUDUSD that started Apr 19 remains in play and the recent move down appears to have been a correction. The pair has recently breached a key short-term hurdle at 0.6668, the Mar 8 high. The break strengthens a bullish theme and a resumption of gains would open 0.6751, a Fibonacci retracement. On the downside, support to watch lies at 0.6584, the 50-day EMA.
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