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Selling Pressure Returns

AUDUSD TECHS
  • 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: 0.7765/7816 Intraday high / High Apr 20
  • PRICE: 0.7708 @ 19:58 BST Apr 23
  • SUP 1: 0.7691 Intraday low
  • 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 traded lower Thursday. Recent gains resulted in a break of trendline resistance drawn off the Feb 25 high and note, price is back above the neckline of a recent head and shoulders reversal pattern. A deeper pullback though would expose support at 0.7635, Apr 14 low where a break would reverse the recent bullish cycle. Key resistance and the bull trigger has been defined at 0.7816, Apr 20 high.

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