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Bearish Extension

AUDUSD TECHS
  • RES 4: 0.6993 76.4% retracement of the Feb - May downleg
  • RES 3: 0.6921 High Feb 20
  • RES 2: 0.6857/6900 High Jun 20 / 16 and key resistance
  • RES 1: 0.6722/6806 20-day EMA / High Jun 27
  • PRICE: 0.6637 @ 07:57 BST Jun 28
  • SUP 1: 0.6619 Intraday low
  • SUP 2: 0.6610 Low Jun 6
  • SUP 3: 0.6562 76.4% retracement of the May 31 - Jun 16 rally
  • SUP 4: 0.6485 Low Jun 1

AUDUSD has traded lower today, extending the reversal that started Jun 16. The recent move lower has resulted in a break of the 20- and 50-day EMA values, suggesting scope for a deeper retracement. 0.6627, 61.8% of the May 31 - Jun 16 rally, has been pierced. A clear break would open 0.6562, the 76.4% retracement level. Key resistance is 0.6900, the Jun 16 high. Initial resistance is at 0.6722, the 20-day EMA.

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