Free Trial

Clears Key Resistance

AUDUSD TECHS
  • RES 4: 0.7029 High Feb 14
  • RES 3: 0.6993 76.4% retracement of the Feb - May Downleg
  • RES 2: 0.6921 High Feb 20
  • RES 1: 0.6893 High Jun 14
  • PRICE: 0.6889 @ 20:13 BST Jun 16
  • SUP 1: 0.6768 Low Jun 15
  • SUP 2: 0.6727 Low Jun 12
  • SUP 3: 0.6670 20-day EMA
  • SUP 4: 0.6610 Low Jun 6

A strong rally Thursday in AUDUSD reinforces bullish conditions and confirms an extension of the bull cycle from May 31. The pair has cleared key resistance at 0.6818, the May 10 high. This reinforces bullish conditions and paves the way for a climb towards 0.6921 next, the Feb 20 high. Further out, scope is seen for gains to 0.6993, a Fibonacci retracement. Initial support lies at 0.6768, the Jun 15 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.