Free Trial

Bull Cycle Remains In Play

AUDUSD TECHS
  • RES 4: 0.6818 High May 10 and key resistance
  • RES 3: 0.6789 3.0% 10-dma envelope
  • RES 2: 0.6733 76.4% retracement of the May 10 - 31 bear leg
  • RES 1: 0.6720 Intraday high
  • PRICE: 0.6713 @ 08:06 BST Jun 9
  • SUP 1: 0.6623 20-day EMA
  • SUP 2: 0.6567/6458 Low May 31 and the bear trigger
  • SUP 3: 0.6403 76.4% of the Oct - Feb bull cycle
  • SUP 4: 0.6387 Low Nov 10 2022

The AUDUSD bull cycle that started on May 31 remains in play and the pair is trading at its recent highs. Resistance at the 50-day EMA has been cleared. The break signals scope for a stronger recovery towards 0.6733, 76.4% of the downleg in May. On the downside, a reversal lower is required to refocus attention on 0.6458, the May 31 low. Initial support is seen at 0.6623, the 20-day EMA.

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.