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Bearish Threat

AUDUSD TECHS
  • RES 4: 0.6861 50.0% retracement of the Feb 2 - Mar 10 bear leg
  • RES 3: 0.6824 High Feb 24
  • RES 2: 0.6772/0.6806 High Apr 20 / Apr 14 and key resistance
  • RES 1: 0.6689 20-day EMA
  • PRICE: 0.6633 @ 07:20 BST Apr 27
  • SUP 1: 0.6591 Low Apr 26
  • SUP 2: 0.6565 Low Mar 10 and the bear trigger
  • SUP 3: 0.6547 61.8% of the Oct - Feb bull cycle
  • SUP 4: 0.6500 Round number support

AUDUSD remains vulnerable and printed a lower low Wednesday. This week’s move down has resulted in a break of support at 0.6620, the Apr 10 low and has exposed 0.6565, the Mar 10 low and bear trigger. Clearance of this support would confirm a resumption of the downtrend that started Feb 2. On the upside, key resistance has been defined at 0.6806, the Apr 14 high. Clearance of this level would be seen as a bullish development.

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