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Pullback Extends

AUDUSD TECHS
  • RES 4: 0.6993 76.4% retracement of the Feb - May downleg
  • RES 3: 0.6921 High Feb 20
  • RES 2: 0.6857/6900 High Jun 20 / 16 and key resistance
  • RES 1: 0.6806 High Jun 27
  • PRICE: 0.6698 @ 07:59 BST Jun 23
  • SUP 1: 0.6679 50.0% retracement of the May 31 - Jun 16 rally
  • SUP 2: 0.6701 50-day EMA
  • SUP 3: 0.6627 61.8% retracement of the May 31 - Jun 16 rally
  • SUP 4: 0.6562 76.4% retracement of the May 31 - Jun 16 rally

This week’s pullback in AUDUSD has resulted in a break of the 20- and 50-day EMA values. The break of the 50-day average, at 0.6704, suggests potential for a deeper retracement. The next support lies at 0.6679 ahead of 0.6627, Fibonacci retracement points. A breach of 0.6627 would strengthen bearish conditions. Initial resistance is at 0.6806, the Jun 27 high. A break would ease the bearish threat. Key resistance is at 0.6900, the Jun 16 high.

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