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Retracing Recent Losses

  • RES 4: 0.8007 High Feb 25 and the bull trigger
  • RES 3: 0.7930 2.0% 10-dma envelope
  • RES 2: 0.7891/95 High May 10 / 76.4% of the Feb 25 - Apr 1 sell-off
  • RES 1: 0.7846 High May 12
  • PRICE: 0.7789 @ 06:33 BST May 18
  • SUP 1: 0.7688 Low May 13
  • SUP 2: 0.7675 Low May 4 and key support
  • SUP 3: 0.7635 Low Apr 14
  • SUP 4: 0.7586 Low Apr 13

AUDUSD traded to a low of 0.7688 last week on May 13, denting the recent bullish outlook further. A firm support zone has been defined at 0.7688-75, the latter is the May 4 low. Clearance of this zone would strengthen a bearish case and signal scope for a deeper pullback towards 0.7586, the Apr 13 low. Initial firm resistance is at 0.7846, May 12 high ahead of the key resistance at 0.7891, May 10 high.

MNI London Bureau | +44 203-586-3805 |
MNI London Bureau | +44 203-586-3805 |

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