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(U2) Off Lows, But Still Fragile

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Late Overnight Levels Prevail

AUD

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AUDUSD TECHS
Foreign Exchange Technical Analysismarkets-real-timeBulletMarketsForeign Exchange
  • RES 4: 0.7379 High Apr 22
  • RES 3: 0.7266 High May 4/5 and key resistance
  • RES 2: 0.7258 50-day EMA
  • RES 1: 0.7135 Low May 6
  • PRICE: 0.6993 @ 16:58 BST May 11
  • SUP 1: 0.6911 Low May 10
  • SUP 2: 0.6876 0.618 proj of the Apr 5 - May 2 - 4 price swing
  • SUP 3: 0.6833 Low Jun 30 2020
  • SUP 4: 0.6805 Low Jun 22 2020

AUDUSD maintains a bearish tone and has this week resumed its downtrend. The failure at 0.7266 last week, high May 4/5, and the sharp reversal from this level reinforces a bearish theme. Moving average studies are in a bear mode too, highlighting current sentiment. Support at 0.6968, the Jan 28 low and a bear trigger, has been breached. This opens 0.6876 next, a Fibonacci projection. Short-term gains are considered corrective.

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  • RES 4: 0.7379 High Apr 22
  • RES 3: 0.7266 High May 4/5 and key resistance
  • RES 2: 0.7258 50-day EMA
  • RES 1: 0.7135 Low May 6
  • PRICE: 0.6993 @ 16:58 BST May 11
  • SUP 1: 0.6911 Low May 10
  • SUP 2: 0.6876 0.618 proj of the Apr 5 - May 2 - 4 price swing
  • SUP 3: 0.6833 Low Jun 30 2020
  • SUP 4: 0.6805 Low Jun 22 2020

AUDUSD maintains a bearish tone and has this week resumed its downtrend. The failure at 0.7266 last week, high May 4/5, and the sharp reversal from this level reinforces a bearish theme. Moving average studies are in a bear mode too, highlighting current sentiment. Support at 0.6968, the Jan 28 low and a bear trigger, has been breached. This opens 0.6876 next, a Fibonacci projection. Short-term gains are considered corrective.