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Corrective Pullback

  • 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: 0.6857/6900 High Jun 20 / 16
  • PRICE: 0.6755 @ 16:51 BST Jun 22
  • SUP 1: 0.6735 20-day EMA
  • SUP 2: 0.6701 50-day EMA
  • SUP 3: 0.6679 50.0% retracement of the May 31 - Jun 16 rally
  • SUP 4: 0.6642 Low Jun 7

A strong rally last Thursday in AUDUSD reinforced bullish conditions and confirmed an extension of the bull cycle from May 31. This week’s move lower appears to be a correction and attention is on support at 0.6735, the 20-day EMA. A break of this average would expose the 50-day EMA, at 0.6701. Key short-term resistance has been defined at 0.6900, the Jun 16 high. A break would confirm a resumption of the uptrend.

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