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Key Support Gives Way

AUDUSD TECHS
  • RES 4: 0.8007 High Feb 25 and the bull trigger
  • RES 3: 0.7900 2.0% 10-dma envelope
  • RES 2: 0.7891/95 High May 10 / 76.4% of the Feb 25 - Apr 1 sell-off
  • RES 1: 0.7813/46 High May 18 / High May 12
  • PRICE: 0.7658 @ 16:32 BST Jun 3
  • SUP 1: 0.7657 Low Jun 3
  • SUP 2: 0.7635 Low Apr 14
  • SUP 3: 0.7586 Low Apr 13
  • SUP 4: 0.7534 200-dma

AUDUSD broke through key support at 0.7675 Thursday, denting the outlook materially. As such, a bearish theme dominates and attention turns to 0.7635, Apr 14 low. A fall through here would strengthen the bearish case and signal scope for a deeper pullback towards 0.7586, the Apr 13 low. For bulls, clearance of 0.7813, May 18 high would be a bullish development and open 0.7891 instead, high May 10.

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