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Bearish Threat

  • RES 4: 0.6921 High Feb 20
  • RES 3: 0.6861 50.0% retracement of the Feb 2 - Mar 10 bear leg
  • RES 2: 0.6824 High Feb 24
  • RES 1: 0.6708/6818 50-day EMA / High May 10
  • PRICE: 0.6607 @ 16:18 BST May 18
  • SUP 1: 0.6605 Low May 18
  • SUP 2: 0.6565 Low May 10 and the bear trigger
  • SUP 3: 0.6547 61.8% of the Oct - Feb bull cycle
  • SUP 4: 0.6403 76.4% of the Oct - Feb bull cycle

AUDUSD maintains a softer tone following the pullback from 0.6818, the May 10 high, and is trading at this week’s lows. A continuation lower would expose key support at 0.6565, the Mar 10 low. Clearance of this level would confirm a resumption of the bear cycle that started Feb 2 and highlight a range breakout. On the upside, a breach of 0.6818 is required to reinstate a bullish theme and this would expose 0.6861, a Fibonacci retracement.

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