Free Trial

Bearish Extension

AUDUSD TECHS
  • RES 4: 0.6921 High Feb 20
  • RES 3: 0.6857/6900 High Jun 20 / 16 and key resistance
  • RES 2: 0.6710/6806 20-day EMA / High Jun 27
  • RES 1: 0.6663 Low Jun 23
  • PRICE: 0.6628 @ 16:22 BST Jun 29
  • SUP 1: 0.6596 Low June 29
  • SUP 2: 0.6579 Low Jun 5
  • SUP 3: 0.6562 76.4% retracement of the May 31 - Jun 16 rally
  • SUP 4: 0.6485 Low Jun 1

AUDUSD remains soft and the pair traded lower again early Thursday, 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 cleared and this opens 0.6562 next, the 76.4% retracement level. Key resistance is 0.6900, the Jun 16 high. Initial firm resistance is at 0.6710, the 20-day EMA.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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.