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AUDUSD TECHS: Trading In A Range

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: 0.6658 @ 16:23 BST Jul 02
  • 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 remains in consolidation mode and continues to trade inside a range. Resistance is at 0.6714, the May 16 high, and support lies at 0.6576, the Jun 10 low. Both levels represent important  short-term directional triggers. A break of 0.6714, would open 0.6751, a Fibonacci retracement. Clearance of 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.   

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