Free Trial

Bullish Outlook

AUDUSD TECHS
  • RES 4: 0.6748 High Jan 5
  • RES 3: 0.6729 High Jan 12
  • RES 2: 0.6708 61.8% retracement of the Dec 28 - Feb 13 bear cycle
  • RES 1: 0.6668 High Mar 8
  • PRICE: 0.6622 @ 16:12 GMT Mar 13
  • SUP 1: 0.6561 50-day EMA
  • SUP 2: 0.6478/6443 Low Mar 5 / Low Feb 13 and the bear trigger
  • SUP 3: 0.6412 76.4% Fibonacci retracement for Oct - Dec upleg
  • SUP 4: 0.6360 Low Nov 14

AUDUSD is holding on to the bulk of its recent gains and the short-term outlook remains bullish. Last week’s climb resulted in the break of resistance at 0.6595, the Feb 22 high, strengthening a bullish theme and this signals scope for a continuation higher. A resumption of gains would open 0.6708, a Fibonacci retracement. On the downside, initial key support is at 0.6478, the Mar 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.