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Sell-Off Exposes Key Support

  • RES 4: 0.7400 Round number resistance
  • RES 3: 0.7343 61.8% retracement of the Apr 5 - May 12 bear leg
  • RES 2: 0.7161/7283 50-day EMA / High Jun 3 and the bull trigger
  • RES 1: 0.7063 High Jun 13
  • PRICE: 0.6934 @ 16:31 BST Jun 13
  • SUP 1: 0.6912 Low Jun 13 3.0% 10-dma envelope
  • SUP 2: 0.6873 Low May 16
  • SUP 3: 0.6829 Low May 12 and the bear trigger
  • SUP 4: 0.6805 Low Jun 22 2020

AUDUSD traded sharply lower Monday, reinforcing the bearish significance of the latest reversal and failure to remain above the 50-day EMA. The pace of the sell-off saw the pair show below the 3.0% 10-dma envelope indicator for the first time since the onset of the COVID pandemic in 2020. This further threatens the recent bullish price structure and attention is on 0.6829, the May 12 low and bear trigger. Key S/T resistance has been defined at 0.7283.

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