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Outlook Remains Bearish

AUDUSD TECHS
  • RES 4: 0.8007 High Feb 25
  • RES 3: 0.7891/95 High May 10 / 76.4% of the Feb 25 - Apr 1 sell-off
  • RES 2: 0.7813/46 High May 18 / High May 12
  • RES 1: 0.7773 High Jun 2
  • PRICE: 0.7739 @ 17:16 BST Jun 8
  • SUP 1: 0.7646 Low Jun 3
  • SUP 2: 0.7635 Low Apr 14
  • SUP 3: 0.7586 Low Apr 13
  • SUP 4: 0.7536 200-dma

AUDUSD broke through 0.7675 on Jun 3 but has since reversed the sharp move lower. Last week's break lower does signal the end of the recent period of consolidation that has been in place since mid-April. A resumption of weakness would open 0.7586, Apr 13 low and 0.7532, Apr 1 low and a key support. Initial resistance is at 0.7773, Jun 2 high ahead of 0.7813, May 18 high. A break of the latter would ease any developing bearish pressure.

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