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Bull Cycle Extends

AUDUSD TECHS
  • RES 4: 0.7599 High Jul 6 2021
  • RES 3: 0.7556 High Oct 28 and a key resistance
  • RES 2: 0.7532 High Nov 2, 2021
  • RES 1: 0.7528 High Mar 24
  • PRICE: 0.7498 @ 16:43 GMT Mar 24
  • SUP 1: 0.7361 Low Mar 18
  • SUP 2: 0.7325/7262 20-day EMA / 50-day EMA
  • SUP 3: 0.7165 Low Mar 15 and a key support
  • SUP 4: 0.7095 Low Feb 24

The AUDUSD outlook strengthened further Thursday, with the pair showing at new YTD and multi-month highs. This week’s important technical break has been the move above 0.7441, the Mar 7 high, marking an extension of the strong reversal from 0.7165, Mar 15 low. This reinforces the current bull cycle that started Jan 28. The break of 0.7441 signals scope for a climb towards 0.7556, the Oct 28 high. Initial firm support is seen at 0.7361.

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

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