Free Trial

Bullish Focus

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 and the bull trigger
  • PRICE: 0.7211 @ 15:54 BST Jun 8
  • SUP 1: 0.7148/7036 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 continues to trade the 20-day EMA, at 0.7148 today. short-term conditions are bullish following recent gains and the break above the 20- and 50-day EMAs. This signals scope for a climb towards 0.7343, a Fibonacci retracement. Note that the current bull cycle is still considered corrective. A break of the 20-day EMA would threaten the recent recovery. A stronger reversal would refocus attention on the bear trigger at 0.6829, May 12 low.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.