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Range Breakout

AUDUSD TECHS
  • RES 4: 0.6839 High Jan 2
  • RES 3: 0.6771 High Jan 3
  • RES 2: 0.6751 76.4% retracement of the Dec 28 - Apr 19 bear leg
  • RES 1: 0.6734 High Jul 3
  • PRICE: 0.6718 @ 08:03 BST Jul 04
  • SUP 1: 0.6653 20-day EMA
  • SUP 2: 0.6626 50-day EMA
  • SUP 3: 0.6576 Low Jun 10 and a key support
  • SUP 4: 0.6558 Low May 8

A strong rally in AUDUSD yesterday resulted in a break of a key short-term resistance at 0.6714, the May 16 high. The move higher highlights a range breakout and confirms a resumption of the bull leg that started Apr 19. This paves the way for a climb towards 0.6751, a Fibonacci retracement. Key short-term support has been defined at 0.6576, the Jun 10 low. Initial firm support is at 0.6626,m the 50-day EMA.

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