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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.

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