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Bullish Focus

AUDUSD TECHS
  • RES 4: 0.7895 76.4% retracement of the Feb 25 - Apr 1 sell-off
  • RES 3: 0.7849 High Mar 18 and a reversal trigger
  • RES 2: 0.7774 High Mar 19
  • RES 1: 0.7761 High Apr 15
  • PRICE: 0.7735 @ 06:41 BST Apr 19
  • SUP 1: 0.7675 20-day EMA
  • SUP 2: 0.7635 Low Apr 14
  • SUP 3: 0.7586 Low Apr 13
  • SUP 4: 0.7532/17 Low Apr 1 and the bear trigger / Low Dec 22

AUDUSD maintains a firmer tone following last week's break of 0.7677, Apr 7 high. The move higher also resulted in a breach of trendline resistance drawn off the Feb 25 high and note, price is back above the neckline of a recent head and shoulders reversal pattern. An ability to remain above the 50-dma would strengthen a bullish case. Initial firm support is at 0.7635, Feb 14 low. A break would be bearish.

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