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Key Support Remains Exposed

  • RES 4: 0.7400 Round number resistance
  • RES 3: 0.7343 61.8% retracement of the Apr 5 - May 12 bear leg
  • RES 2: 0.7144/7283 50-day EMA / High Jun 3 and the bull trigger
  • RES 1: 0.7063 High Jun 13
  • PRICE: 0.6994 @ 06:58 BST Jun 16
  • SUP 1: 0.6851 Low Jun 14
  • SUP 2: 0.6829 Low May 12 and the bear trigger
  • SUP 3: 0.6805 Low Jun 22 2020
  • SUP 4: 0.6647 0.764 proj of the Apr 5 - May 12 - Jun 3 price swing

AUDUSD reversed higher Wednesday. Short-term gains are considered corrective though and a bearish threat remains present. A resumption of weakness would signal scope for a test of key support and the bear trigger at 0.6829, the May 12 low. Clearance of this support would confirm a resumption of the downtrend and open 0.6805, the Jun 22 2020 low. On the upside, 0.7063, Jun 13 high is seen as an initial firm resistance.

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