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Approaching Resistance

AUDUSD TECHS


  • RES 4: 0.6668 High Mar 8
  • RES 3: 0.6644 High Apr 9 and a key resistance
  • RES 2: 0.6617 50.0% retracement of the Dec 28 - Apr 19 bear leg
  • RES 1: 0.6587 High Apr 29
  • PRICE: 0.6575 @ 07:32 BST May 3
  • SUP 1: 0.6465/6363 Low May 1 / Low Apr 19 and the bear trigger
  • SUP 2: 0.6339 Low Nov 10 and a key support
  • SUP 3: 0.6315 Low Oct 31 ‘23
  • SUP 4: 0.6270 Low Oct 26 ‘23 and a key support

AUDUSD has recovered from its lows earlier this week. The move higher exposes initial resistance at 0.6587, the Apr 29 high. A break of this hurdle would cancel a bearish threat and highlight a resumption of the bull leg that started Apr 19. This would open 0.6644, the Apr 9 high. On the downside, a move below 0.6465, the May 1 low, is required to reinstate a bearish threat and instead signal scope for a extension towards 0.6363, the Apr 19 low.

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