Free Trial

Outlook Remains Bearish

AUDUSD TECHS
  • RES 4: 0.6857 High Jun 20
  • RES 3:0.6768 High Jun 23
  • RES 2: 0.6806 High Jun 22
  • RES 1: 0.6721/0.6724 High Jun 27 / 1.0% 10-dma Envelope
  • PRICE: 0.6648 @ 07:58 BST Jul 10
  • SUP 1: 0.6596 Low June 29 and the bear trigger
  • SUP 2: 0.6579 Low Jun 5
  • SUP 3: 0.6562 76.4% retracement of the May 31 - Jun 16 rally
  • SUP 4: 0.6485 Low Jun 1

AUDUSD remains inside its recent range. The trend condition is bearish and recent gains appear to have been a correction. Price is trading below both the 20- and 50-day EMAs. The recent break of these averages suggests scope for a deeper retracement. A resumption of weakness would open 0.6562, 76.4% of the May 31 - Jun 16 rally. Initial firm resistance is at 0.6721, the Jun 27 high. A break would suggest scope for a stronger correction.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.