Free Trial

Key Support Still Exposed

AUDUSD TECHS
  • RES 4: 0.7202 High Jun 9
  • RES 3: 0.7138 High Jun 10
  • RES 2: 0.7083 50-day EMA
  • RES 1: 0.6998/7069 20-day EMA / High Jun 16
  • PRICE: 0.6882 @ 16:54 BST Jun 29
  • SUP 1: 0.6862/51 Low Jun 29
  • SUP 2: 0.6829 Low May 12 and the bear trigger
  • SUP 3: 0.6805 Low Jun 22 2020
  • SUP 4: 0.6647 0.764 proj of the Apr 5 - May 12 - Jun 3 price swing

AUDUSD traded lower into the Wednesday close, but the pair continues to consolidate above support at 0.6851, the Jun 14 low. Trend signals remain bearish and a resumption of bearish activity would signal scope for a test of key support and the bear trigger at 0.6829, May 12 low. Clearance of this support would confirm a continuation of the downtrend and open 0.6805, the Jun 22 2020 low. On the upside, 0.7069, Jun 16 high, remains a key short-term resistance.

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

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.