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Bull Cycle Extends

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 Intraday high
  • PRICE: 0.6554 @ 07:56 BST Apr 29
  • 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

The current bullish phase in AUDUSD remains intact and the pair has traded higher today. Resistance at 0.6526, the 50-day EMA, has been breached and the clear break highlights a stronger reversal that signals scope for a cimb towards 0.6644, the Apr 9 high. A reversal lower would instead refocus attention on 0.6363, the Apr 19 low and a bear trigger. Clearance of this support would resume the recent downtrend.

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