Free Trial

Bullish Conditions Intact Despite Pullback

AUDUSD TECHS
  • RES 4: 0.7283 High Jun 3 and a key resistance
  • RES 3: 0.7246 High Jun 7
  • RES 2: 0.7173 3.0% Upper Bollinger Band
  • RES 1: 0.7141 76.4% retracement of the Jun 3 - Jul 14 downleg
  • PRICE: 0.7015 @ 16:21 BST Aug 16
  • SUP 1: 0.6984/6870 20-day EMA / Low Aug 5 and a key support
  • SUP 2: 0.6786 Low Jul 18
  • SUP 3: 0.6682 14 and the bear trigger
  • SUP 4: 0.6647 0.764 proj of the Apr 5 - May 12 - Jun 3 price swing

AUDUSD traded lower Monday but despite the pullback, remains closer to its recent highs. The recent breach of 0.7047, Aug 1 high, confirmed a resumption of the uptrend that started Jul 14 and signals scope for a continuation higher. The break has also established a bullish price sequence of higher highs and higher lows on the daily chart and has opened 0.7141, a Fibonacci retracement. Key support to watch is at 0.6870, Aug 5 low.

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.