AUD: AUD/USD - 0.6980-0.7000 Proves Resilient, AUD Outperforms In The Crosses

• RES 3: 95.900 - High Jan 8 and a key short-term resistance  
• RES 2: 95.653 - 23.6% retracement Oct - Mar Downleg (cont)
• RES 1: 95.445 - High May 06
• PRICE: 95.265 @ 16:47 BST May 19
• SUP 1: 95.195 - Low Apr 28
• SUP 2: 95.035 - Low Mar 22
• SUP 3: 94.362 - 1.0% 10-dma envelope

The break back above the 50-dma proved short-lived, with prices fading again into the weekly close. Any additional progress above the 50-dma opens 95.653, the 23.6% retracement for the downleg posted off the October high on the continuation contract. While the bear mode set-up in MA studies is highlighting a dominant downtrend, moves this week are highlighting the risk of a near-term correction higher. Any weakness through year-to-date lows at 95.560 would prompt further downside from here, opening vol-band support into 94.362.

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source:  Bloomberg Finance LP / MNI