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Holding Above Support

AUDUSD TECHS
  • RES 4: 0.8007 High Feb 25 and the bull trigger
  • RES 3: 0.7895 76.4% retracement of the Feb 25 - Apr 1 sell-off
  • RES 2: 0.7849 High Mar 18 and a reversal trigger
  • RES 1: 0.7816/18 High Apr 20 / 29
  • PRICE: 0.7775 @ 06:32 BST May 7
  • SUP 1: 0.7675 Low May 4
  • SUP 2: 0.7635 Low Apr 14
  • SUP 3: 0.7586 Low Apr 13
  • SUP 4: 0.7532/17 Low Apr 1 and the bear trigger / Low Dec 22

AUDUSD earlier this week traded below first support at 0.7691, Apr 22 low. This threatens the bullish price structure that has dominated since the recent break of a trendline resistance drawn off the Feb 25 high. A move below 0.7691 would open losses toward 0.7635 and the 0.7586 key near-term support. Resistance is unchanged at 0.7816/18 the 18 Apr 29 highs. A clear break of this hurdle would be bullish and open 0.7849 instead, Mar 18 high.

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