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USDCAD TECHS

Takes Out 20-, 50-Day EMAs

US TSYS

Weak Global PMIs

AUDUSD TECHS

Pierces 50-Day EMA

US TSYS

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Trades Through Key Short-term Resistance

AUDUSD TECHS
  • RES 4: 0.7465 76.4% retracement of the Apr 5 - May 12 bear leg
  • RES 3: 0.7400 Round number resistance
  • RES 2: 0.7343 61.8% retracement of the Apr 5 - May 12 bear leg
  • RES 1: 0.7283 High Jun 3
  • PRICE: 0.7221 @ 16:04 BST Jun 3
  • SUP 1: 0.7126/7036 20-day EMA / Low May 25
  • SUP 2: 0.6950 Low May 18
  • SUP 3: 0.6829 Low May 12 and the bear trigger
  • SUP 4: 0.6805 Low Jun 22 2020

AUDUSD traded higher Thursday before fading slightly through the Friday session. Thursday's rally resulted in a break of key resistance at 0.7266, the May 4/5 high. This strengthens bullish conditions and signal scope for a move towards 0.7343, a Fibonacci retracement. Note that the current bull cycle is still considered corrective. A reversal lower would refocus attention on the bear trigger at 0.6829, May 12 low. Initial firm support to watch is at 0.7036.

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  • RES 4: 0.7465 76.4% retracement of the Apr 5 - May 12 bear leg
  • RES 3: 0.7400 Round number resistance
  • RES 2: 0.7343 61.8% retracement of the Apr 5 - May 12 bear leg
  • RES 1: 0.7283 High Jun 3
  • PRICE: 0.7221 @ 16:04 BST Jun 3
  • SUP 1: 0.7126/7036 20-day EMA / Low May 25
  • SUP 2: 0.6950 Low May 18
  • SUP 3: 0.6829 Low May 12 and the bear trigger
  • SUP 4: 0.6805 Low Jun 22 2020

AUDUSD traded higher Thursday before fading slightly through the Friday session. Thursday's rally resulted in a break of key resistance at 0.7266, the May 4/5 high. This strengthens bullish conditions and signal scope for a move towards 0.7343, a Fibonacci retracement. Note that the current bull cycle is still considered corrective. A reversal lower would refocus attention on the bear trigger at 0.6829, May 12 low. Initial firm support to watch is at 0.7036.