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Trades Through Support

AUDUSD TECHS
  • RES 4: 0.7593 High Apr 6
  • RES 3: 0.7519 High Apr 7
  • RES 2: 0.7493 Apr 12 high and key intraday resistance
  • RES 1: 0.7458, High Apr 20/21
  • PRICE: 0.7255 @ 16:56 BST Apr 22
  • SUP 1: 0.7249 Low Apr 22
  • SUP 2: 0.7246 2.0% 10-dma envelope
  • SUP 3: 0.7181 Low Mar 16
  • SUP 4: 0.7165 Low Mar 15 and key support

AUDUSD is trading lower and solidly breached initial support at 0.7343, Apr 18 low. The break means the pair is back below the 50-day EMA - a bearish development - signalling scope for a deeper pullback over the near-term. This has opened 0.7246, the 2.0% 10-dma envelope. On the upside, initial firm resistance has been defined at 0.7458, the Apr 20/21 high. A breach would ease the current bearish threat.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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