Free Trial

Finds Resistance But Remains Bullish...>

AUSSIE TECHS
AUSSIE TECHS: Finds Resistance But Remains Bullish
*RES 4: 0.7200 Round number resistance
*RES 3: 0.7119 1.618 projection of Mar 19 - 31 rally from Apr 3 low
*RES 2: 0.7082 High Jul 19, 2019
*RES 1: 0.7063 Jun 10 Fed React High
*PRICE: 0.7014 @ 19:58 BST Jun 10
*SUP 1: 0.6899 Low Jun 9
*SUP 2: 0.6857 Low Jun 3 and key near-term support
*SUP 3: 0.6775 Low Jun 2
*SUP 4: 0.6740 20-day EMA
The kneejerk response to the Fed rate decision was AUDUSD positive, resulting in
a new multi-year high of 0.7063. This negates any bearish concerns and keeps
bulls looking higher despite valuation concerns. To the downside, attention is
on support at 0.6857, Jun 3 low. A break of this support would suggest scope for
a deeper near-term pullback and open 0.6775, Jun 2 low initially.

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.