Free Trial

AUDUSD TECHS: Key Short-Term Resistance Remains Intact For Now

AUDUSD TECHS
  • RES 4: 0.6771 High Jan 3                  
  • RES 3: 0.6751 76.4% retracement of the Dec 28 - Apr 19 bear leg   
  • RES 2: 0.6729 High Jan 12  
  • RES 1: 0.6714 High Jun 16 and the bull trigger 
  • PRICE: 0.6670 @ 16:28 BST Jun 28
  • SUP 1: 0.6576 Low Jun 10 and a key support 
  • SUP 2: 0.6558 Low May 8
  • SUP 3: 0.6539 50.0% retracement of the Apr 19 - May 16 bull leg 
  • SUP 4: 0.6497 61.8% retracement of the Apr 19 - May 16 bull leg 

AUDUSD continues to trade inside a range that highlights two important levels; a key resistance at 0.6714, the May 16 high, and a key support at 0.6576, the Jun 10 low. Both levels represent important  short-term directional triggers. Clearance of 0.6714, would open 0.6751, a Fibonacci retracement. A break through 0.6576 would expose 0.6558 initially, the May 8 low. Looking at MA studies, they are in a bull-mode set-up and highlight an uptrend.   

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.