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Clearing Resistance Levels

AUDUSD TECHS
  • RES 4: 0.6993 76.4% retracement of the Feb 2 - May 31 bear leg
  • RES 3: 0.6936 High Feb 16
  • RES 2: 0.6900 High Jun 16 and key resistance
  • RES 1: 0.6857 High Jun 20
  • PRICE: 0.6833 @ 08:04 BST Jul 13
  • SUP 1: 0.6784 Intraday low
  • SUP 2: 0.6694 - 20-day EMA
  • SUP 3: 0.6651 Low Jul 11
  • SUP 4: 0.6596 Low Jun 29 and key support

A strong rally in AUDUSD has resulted in the break of a number of key near-term retracement levels, including 0.6828 today, the 76.4% retracement of the bear leg between Jun 16 - 29. This highlights a stronger short-term bullish theme and signals scope for a climb towards 0.6900, the Jun 16 high and a key resistance. Initial support lies at today’s intraday low of 0.6784. A firmer level lies at 0.6694, the 20-day EMA.

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