Free Trial

Resistance Remains Intact

  • RES 4: 0.8007 High Feb 25 and the bull trigger
  • RES 3: 0.7895 76.4% retracement of the Feb 25 - Apr 1 sell-off
  • RES 2: 0.7849 High Mar 18 and a reversal trigger
  • RES 1: 0.7816/18 High Apr 20 / 29
  • PRICE: 0.7717 @ 17:10 BST Apr 30
  • SUP 1: 0.7691 Low Apr 22 and key short-term support
  • SUP 2: 0.7635 Low Apr 14
  • SUP 3: 0.7586 Low Apr 13
  • SUP 4: 0.7532/17 Low Apr 1 and the bear trigger / Low Dec 22

AUDUSD continues to trade within its range and above 0.7691, Apr 22 low. A bullish price structure dominates following the recent break of a trendline resistance drawn off the Feb 25 high and a climb back above the neckline of a recent head and shoulders reversal pattern. Resistance is at 0.7816/18 the 18 Apr 29 highs. A clear break would open 0.7849, the Mar 18 high. Key short-term support is unchanged at 0.7691, a breach would be bearish.

MNI London Bureau | +44 203-865-3809 |

To read the full story



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.