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Bearish Reversal

AUDUSD TECHS
  • RES 4: 0.6668 High Mar 8
  • RES 3: 0.6644 High Apr 9 and a key resistance
  • RES 2: 0.6617 50.0% retracement of the Dec 28 - Apr 19 bear leg
  • RES 1: 0.6587 High Apr 29
  • PRICE: 0.6479 @ 16:29 BST May 1
  • SUP 1: 0.6441/6363 Low Apr 23 / 19 and the bear trigger
  • SUP 2: 0.6339 Low Nov 10 and a key support
  • SUP 3: 0.6315 Low Oct 31 ‘23
  • SUP 4: 0.6270 Low Oct 26 ‘23 and a key support

AUDUSD traded sharply lower Tuesday. The move down highlights a possible reversal of the rally from 0.6363, the Apr 19 low. A continuation would expose 0.6363 where a break would resume this year's downtrend. Initial resistance has been defined at 0.6587, Monday’s high. Clearance of this level would be bullish and signal scope for a climb towards 0.6644, the Apr 9 high.

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  • RES 4: 0.6668 High Mar 8
  • RES 3: 0.6644 High Apr 9 and a key resistance
  • RES 2: 0.6617 50.0% retracement of the Dec 28 - Apr 19 bear leg
  • RES 1: 0.6587 High Apr 29
  • PRICE: 0.6479 @ 16:29 BST May 1
  • SUP 1: 0.6441/6363 Low Apr 23 / 19 and the bear trigger
  • SUP 2: 0.6339 Low Nov 10 and a key support
  • SUP 3: 0.6315 Low Oct 31 ‘23
  • SUP 4: 0.6270 Low Oct 26 ‘23 and a key support

AUDUSD traded sharply lower Tuesday. The move down highlights a possible reversal of the rally from 0.6363, the Apr 19 low. A continuation would expose 0.6363 where a break would resume this year's downtrend. Initial resistance has been defined at 0.6587, Monday’s high. Clearance of this level would be bullish and signal scope for a climb towards 0.6644, the Apr 9 high.