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Holding Onto Gains

AUDUSD TECHS
  • RES 4: 0.8044 High Feb 2, 2018
  • RES 3: 0.8007 High Feb 25 and the bull trigger
  • RES 2: 0.7923 2.0% 10-dma envelope
  • RES 1: 0.7895 76.4% retracement of the Feb 25 - Apr 1 sell-off
  • PRICE: 0.7855 @ 06:57 BST May 10
  • SUP 1: 0.7761 Low May 7
  • SUP 2: 0.7675 Low May 4 and key support
  • SUP 3: 0.7635 Low Apr 14
  • SUP 4: 0.7586 Low Apr 13

AUDUSD traded higher Friday and is holding onto gains. The April highs have cleared and this sets the stage for a climb toward the 76.4% retracement of the February - April downtick at 0.7895. A break here would strengthen bullish conditions and point the needle toward the year's best levels printed in late February at 0.8007. Key short-term support has been defined at 0.7675, May 4 low.

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