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Holds Close to Cycle Highs

AUDUSD TECHS
  • RES 4: 0.7776 High Jun 11 2021
  • RES 3: 0.7762 76.4% retracement of the Feb ‘21 - Jan ‘22 downleg
  • RES 2: 0.7716 High Jun 16 2021
  • RES 1: 0.7661/64 High Apr 5 / 2.0% 10-dma envelope
  • PRICE: 0.7535 @ 17:23 BST Apr 6
  • SUP 1: 0.7534 Low Apr 6
  • SUP 2: 0.7457 Low Mar 29 and a key support
  • SUP 3: 0.7441/7376 20-day EMA / Low Mar 22
  • SUP 4: 0.7339 50-day EMA

AUDUSD rallied Tuesday and the break higher confirmed a resumption of its uptrend. Tuesday’s gains also confirmed a bull flag breakout and price has cleared resistance at 0.7556, the Oct 28 2021 high. The Aussie has also cleared the Jul 6 2021 high of 0.7599 and 0.7610, 61.8% of the Feb ‘21 - Jan ‘22 downleg. This opens 0.7716 next, the Jun 16 2021 high. The pair lagged slightly throughout the Wednesday session, but the onus remains higher for now. Key support has been defined at 0.7457, the Mar 29 low.

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