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Watching Resistance

AUDUSD TECHS
  • RES 4: 0.7266 High May 4/5 and a bull trigger
  • RES 3: 0.7202 50-day EMA
  • RES 2: 0.7135 Low May 6
  • RES 1: 0.7054 High May 11 and key short-term resistance
  • PRICE: 0.6961 @ 20:59 BST May 18
  • SUP 1: 0.6873/29 Low May 16 / Low May 12 and the bear trigger
  • SUP 2: 0.6805 Low Jun 22 2020
  • SUP 3: 0.6784 0.764 proj of the Apr 5 - May 2 - 4 price swing
  • SUP 4: 0.6759 50.0% retracement of the Mar ‘20 - Feb ‘21 upleg

AUDUSD found resistance Wednesday at 0.7047. Recent short-term gains are still considered corrective and the primary direction remains down. Last week’s fresh cycle lows marked an extension of the reversal from 0.7266, the May 4/5 high, and moving average studies remain in bear mode condition. A resumption of weakness would open 0.6805 next, Jun 22 2020 low. Initial firm resistance to watch is at 0.7054, the May 11 high.

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  • RES 4: 0.7266 High May 4/5 and a bull trigger
  • RES 3: 0.7202 50-day EMA
  • RES 2: 0.7135 Low May 6
  • RES 1: 0.7054 High May 11 and key short-term resistance
  • PRICE: 0.6961 @ 20:59 BST May 18
  • SUP 1: 0.6873/29 Low May 16 / Low May 12 and the bear trigger
  • SUP 2: 0.6805 Low Jun 22 2020
  • SUP 3: 0.6784 0.764 proj of the Apr 5 - May 2 - 4 price swing
  • SUP 4: 0.6759 50.0% retracement of the Mar ‘20 - Feb ‘21 upleg

AUDUSD found resistance Wednesday at 0.7047. Recent short-term gains are still considered corrective and the primary direction remains down. Last week’s fresh cycle lows marked an extension of the reversal from 0.7266, the May 4/5 high, and moving average studies remain in bear mode condition. A resumption of weakness would open 0.6805 next, Jun 22 2020 low. Initial firm resistance to watch is at 0.7054, the May 11 high.