Free Trial

Short-Term Gains Considered Corrective

AUDUSD TECHS
  • RES 4: 0.6865 High Feb 22
  • RES 3: 0.6824 High Feb 24
  • RES 2: 0.6784 High Mar 1
  • RES 1: 0.6755 50-day EMA and a key resistance
  • PRICE: 0.6703 @ 16:18 BST Mar 30
  • SUP 1: 0.6625 Low Mar 24
  • SUP 2: 0.6590 Low Mar 15
  • SUP 3: 0.6565/47 Low Mar 10 / 61.8% of the Oct - Feb bull cycle
  • SUP 4: 0.6500 Round number support

AUDUSD is consolidating. The trend condition is unchanged and the outlook remains bearish - recent gains, since Mar 10, appear to be a correction. The 20-day EMA has been breached but resistance at the 50-day EMA remains intact. The average intersects at 0.6755. A clear breach of it would signal scope for a stronger short-term recovery. Key support and the bear trigger lies at 0.6565, the Mar 10 low.

To read the full story

Close

Why MNI

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.