Free Trial

Bullish Focus

AUDUSD TECHS
  • RES 4: 0.7141 76.4% retracement of the Jun 3 - Jul 14 downleg
  • RES 3: 0.7069 High Jun 16
  • RES 2: 0.7047/53 High Aug 1 / 61.8% of the Jun 3 - Jul 14 downleg
  • RES 1: 0.7009 High Aug 8
  • PRICE: 0.6987 @ 18:28 BST Aug 8
  • SUP 1: 0.6870 Low Aug 5
  • 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 higher Monday but remains below the Aug 1 high of 0.7047. The short-term outlook remains bullish and for now, the latest pullback is considered corrective. A resumption of strength, and a break of resistance at 0.7047, Aug 1 high, would open the Jun 16 high at 0.7069. Further out there is scope for a climb towards 0.7141, a Fibonacci retracement. 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.