Free Trial

Resumes Its Downtrend

AUDUSD TECHS
  • RES 4: 0.7202 High Jun 9
  • RES 3: 0.7138 High Jun 10
  • RES 2: 0.7069 High Jun 16 and a key short-term resistance
  • RES 1: 0.6964 High Jun 28
  • PRICE: 0.6851 @ 16:29 BST Jul 4
  • SUP 1: 0.6764 Low Jul 1
  • SUP 2: 0.6759, 50.0% retracement of the Mar ‘20 - Feb ‘ 21 bull cycle
  • SUP 3: 0.6685 High Mar 9 2020
  • SUP 4: 0.6647 0.764 proj of the Apr 5 - May 12 - Jun 3 price swing

On Friday, AUDUSD traded below its key short-term support at 0.6829, the May 12 low. The break of this support strengthens bearish conditions and confirms a resumption of the downtrend that started February 2021. The move lower also maintains a broader bearish price sequence of lower lows and lower highs. Scope is for weakness towards 0.6759, a Fibonacci retracement. Initial resistance is seen at 0.36964, high Jun 28.

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.