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Impulsive Rally

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: 0.7653/61 2.0% 10-dma envelope / intraday high
  • PRICE: 0.7589 @ 17:27 BST Apr 5
  • SUP 1: 0.7536 Intraday low
  • SUP 2: 0.7457 Low Mar 29 and a key support
  • SUP 3: 0.7426/7376 20-day EMA / Low Mar 22
  • SUP 4: 0.7329 50-day EMA

AUDUSD rallied Tuesday and the break higher confirms a resumption of its uptrend. Tuesday’s gains also confirm 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 paves the way for gains towards 0.771, the Jun 16 2021 high. Key support has been defined at 0.7457, the Mar 29 low.

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