Free Trial

Back Above The Head And Shoulders Neckline

AUDUSD TECHS
  • RES 4: 0.7895 76.4% retracement of the Feb 25 - Apr 1 sell-off
  • RES 3: 0.7849 High Mar 18 and a reversal trigger
  • RES 2: 0.7774 High Mar 19
  • RES 1: 0.7761 High Apr 15
  • PRICE: 0.7713 @ 16:50 BST Apr 15
  • SUP 1: 0.7635 Low Apr 14
  • SUP 2: 0.7586 Low Apr 13
  • SUP 3: 0.7532/17 Low Apr 1 and the bear trigger / Low Dec 22
  • SUP 4: 0.7462 Low Dec 21

AUDUSD traded firmer Wednesday, clearing 0.7677, Apr 7 high. The move higher has also resulted in a break of trendline resistance drawn off the Feb 25 high and, price is above the neckline of a recent head and shoulders reversal pattern, suggesting scope for a stronger recovery. An ability to remain above the 50-dma would strengthen a bullish case. Initial firm support is at 0.7635, Feb 14 low. A break would be bearish.

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.