Free Trial

Broader Conditions Remain Bearish

AUDUSD TECHS
  • RES 4: 0.7776 High Jun 11
  • RES 3: 0.7680 50-day EMA
  • RES 2: 0.7645 High Jun 17
  • RES 1: 0.7617 High Jun 25
  • PRICE: 0.7513 @ 18:18 BST Jun 29
  • SUP 1: 0.7508/7476 Low Jun 29 / Low Jun 21 and the bear trigger
  • SUP 2: 0.7462 Low Dec 21, 2020
  • SUP 3: 0.7372 1.236 proj of Feb 25 - Mar 9 - 18 price swing
  • SUP 4: 0.7339 Low Nov 30, 2020

Last week's AUDUSD gains are considered a correction. The outlook remains bearish following recent weakness that resulted in a break below key support at 0.7532 Apr 1 low and price is also tested the 200-dma. The move lower confirmed a resumption of the reversal that occurred Feb 25 and signals scope for a deeper pullback towards 0.7462 next, the Dec 21, 2020 low. Initial firm resistance is unchanged at 0.7645, the Jun 17 high.

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.