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Bullish Friday Close

  • RES 4: 0.6818 High May 10 and key resistance
  • RES 3: 0.6789 3.0% 10-dma envelope
  • RES 2: 0.6755 2.0% Upper Bollinger Band
  • RES 1: 0.6751 High Jun 9
  • PRICE: 0.6744 @ 16:27 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 higher strengthened on the break of 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.

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