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Sell-Off Accelerates

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: 0.7171/7283 50-day EMA / High Jun 3 and the bull trigger
  • PRICE: 0.6934 @ 16:31 BST Jun 13
  • SUP 1: 0.6938 3.0% 10-dma envelope
  • SUP 2: 0.6924 Low Jun 13
  • SUP 3: 0.6829 Low May 12 and the bear trigger
  • SUP 4: 0.6805 Low Jun 22 2020

AUDUSD traded lower Monday resulting in an extended break of the 50-day EMA. The pace of the sell-off saw the pair show below the 3.0% 10-dma envelope indicator for the first time since the onset of the COVID pandemic in 2020. This further threatens the recent bullish price structure, which needs to top key short-term resistance at 0.7283 to resume. An extension lower would expose support at the bear trigger of 0.6829, May 12 low.

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

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