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Corrective Pullback

AUDUSD TECHS
  • RES 4: 0.6921 High Feb 20
  • RES 3: 0.6861 50.0% retracement of the Feb 2 - Mar 10 bear leg
  • RES 2: 0.6824 High Feb 24
  • RES 1: 0.6818 High May 10
  • PRICE: 0.6651 @ 15:53 BST May 12
  • SUP 1: 0.6651 Low May 12
  • SUP 2: 0.6640/6565 Low May 4
  • SUP 3: 0.6565 Low Mar 10 and the bear trigger
  • SUP 4: 0.6547 61.8% of the Oct - Feb bull cycle

AUDUSD’s previous positive tone faded further Friday. This week’s test of key resistance at 0.6806, Apr 14 high, however, reinforces a bullish theme. A clear break of this level would strengthen the case for bulls and open 0.6861, a Fibonacci retracement. On the downside, a continuation lower would threaten the bullish theme and expose 0.6640, the May 4 low. Key support lies at 0.6565, the Mar 10 low.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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