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Failed Break of 0.7000 Suggestions.....>

AUSSIE TECHS
AUSSIE TECHS: Failed Break of 0.7000
Suggestions of a false break above the 0.70 level Wednesday have resulted in
AUDUSD retracing to the 0.6975 area. The short-term outlook remains neutral with
downside focus on a break of the 21-dma & Jun 3 low at 0.6932/27. Below here
would open the range lows at 0.6865, ahead of the 0.6825/40 area which
registered a series of previous lows through Jan 2016. Bulls need a close above
0.70 to reignite upside momentum, opening a run at the May 10 high & 50% fibo of
the Apr-May fall at 0.7019/29. Further resistance is located at 0.7069/71 from
the Apr 30 high & 100-dma.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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