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Key Resistance Topped, Bull Cycle Extends

AUDUSD TECHS
  • RES 4: 0.7599 High Jul 6 2021
  • RES 3: 0.7556 High Oct 28 and a key resistance
  • RES 2: 0.7532 High Nov 2, 2021
  • RES 1: 0.7495 / 99 2.0% 10-dma envelope / High Mar 23
  • PRICE: 0.7495 @ 16:47 GMT Mar 23
  • SUP 1: 0.7361 Low Mar 18
  • SUP 2: 0.7307/7252 20-day EMA / 50-day EMA
  • SUP 3: 0.7165 Low Mar 15 and a key support
  • SUP 4: 0.7095 Low Feb 24

The near-term AUDUSD outlook strengthened into the Wednesday close, with the pair showing at new YTD and multi-month highs. The rally follows the strong reversal from 0.7165, the Mar 15 low. This reinforces the current bull cycle that started Jan 28. The break of 0.7441, Mar 7 high, signal scope for a climb towards 0.7556, the Oct 28 high. Initial firm support is seen at 0.7361, the Mar 18 low.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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