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Approaching Resistance

AUDUSD TECHS
  • RES 4: 0.8007 High Feb 25 and the bull trigger
  • RES 3: 0.7895 76.4% retracement of the Feb 25 - Apr 1 sell-off
  • RES 2: 0.7849 High Mar 18 and a reversal trigger
  • RES 1: 0.7816 High Apr 20
  • PRICE: 0.7797 @ 06:42 BST Apr 27
  • SUP 1: 0.7691 Low Apr 22
  • SUP 2: 0.7635 Low Apr 14
  • SUP 3: 0.7586 Low Apr 13
  • SUP 4: 0.7532/17 Low Apr 1 and the bear trigger / Low Dec 22

AUDUSD traded higher yesterday, extending the recovery from last week's low of 0.7691 on Apr 22. A bullish price structure dominates following the recent break of a trendline resistance drawn off the Feb 25 high and a climb back above the neckline of a recent head and shoulders reversal pattern. Resistance is at 0.7816, Apr 20 high. A break would open 0.7849, the Mar 18 high. Key short-term support lies at 0.7819, a breach would be bearish.

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