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Trend Needle Points South

  • RES 4: 0.6818 High May 10 and key resistance
  • RES 3: 0.6710 High May 16
  • RES 2: 0.6614/66 20- and 50-day EMA
  • RES 1: 0.6559/74 High May 30 / Low Apr 28
  • PRICE: 0.6485 @ 08:00 BST May 31
  • SUP 1: 0.6484 Intraday low
  • SUP 2: 0.6403 76.4% of the Oct - Feb bull cycle
  • SUP 3: 0.6387 Low Nov 10 2022
  • SUP 4: 0.6272 Low Nov 3 2022

AUDUSD remains bearish and the pair is trading lower today. Price is through last week’s low and this confirms a resumption of the downtrend and maintains the bullish price sequence of lower lows and lower highs. The focus is on the 0.6403 Fibonacci retracement. On the upside, a breach of 0.6818 is required to reinstate a bullish theme. Initial firm resistance is seen at 0.6666, the 50-day EMA.

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