AUDUSD TECHS: Gains Considered Corrective

• RES 4: 0.7390 Top of a bull channel drawn from the Apr 9 ‘25 low 
• RES 3: 0.7325 1.500 proj of the Apr 29 - May 1 - May 5 price swing  
• RES 2: 0.7223/78 High May 15 / 6 and the bull trigger
• RES 1: 0.7201 High May 29
• PRICE: 0.7142 @ 16:34 BST Jun 3
• SUP 1: 0.7080 Low May 19
• SUP 2: 0.7056 50.0% retracement of the Mar 30 - May 6 bull leg  
• SUP 3: 0.6986 Low Apr 13 
• SUP 4: 0.6899 Low Apr 7

AUDUSD is trading in a range. The recent  pullback still appears corrective. Moving average studies are in a bull-mode position and this continues to highlight a dominant uptrend. Note that support at the 50-day EMA, currently at 0.7128, has been pierced. A clear break of this average would signal scope for a deeper retracement and expose 0.7056, a Fibonacci retracement. The bull trigger is 0.7278, the May 6 high.      

A slight pullback in risk assets on this report by Iranian media outlet Fars on Telegram claiming Iran's Navy targeted the US's "command and control center": 

• "The Navy targeted the command and control center of the US military's evils against our country.
• "Hours earlier, following the aggressive actions, violation of the regulations of the Strait of Hormuz, and evil against Iranian commercial vessels in the Sea of ​​Oman by the terrorist and aggressive American army, the Navy of the Islamic Republic of Iran, upon discovery and identification, targeted the "command and control center" of this evil, located on an American destroyer that was attempting to approach the waters of the Islamic Republic of Iran in the Sea of ​​Oman.
• "The Navy will monitor the criminal and aggressor American-Zionist enemy with all its might and will avenge the innocent blood of the proud martyrs of the Dena destroyer in the most severe manner and will deal with any evil in the shortest possible time."

• RES 4: 187.95 High Apr 17 and the bull trigger   
• RES 3: 187.56 High Apr 30
• RES 2: 186.56 76.4% retracement of the Apr 17 - May 6 bear leg  
• RES 1: 186.20 High Jun 02
• PRICE: 185.68 @ 16:33 BST Jun 3
• SUP 1: 185.02/184.06 50-day EMA / Low May 14  
• SUP 2: 183.50 Low May 07
• SUP 3: 182.05 Low May 06 and a bear trigger
• SUP 4: 181.87 Low Mar 16 

A fresh cycle high in EURJPY yesterday, reinforces the current short-term bull cycle. Moving average studies remain in a bull-mode position, highlighting a dominant uptrend. A continuation higher would open 186.56, a Fibonacci retracement. Key support lies at 182.05, the May 6 low. Clearance of this level would highlight an important bearish development. Initial firm support is 184.06, the May 14 low.