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Still Range-Bound

AUDUSD TECHS
  • RES 4: 0.8007 High Feb 25
  • RES 3: 0.7891/95 High May 10 / 76.4% of the Feb 25 - Apr 1 sell-off
  • RES 2: 0.7813/46 High May 18 / High May 12
  • RES 1: 0.7776 High Jun 11
  • PRICE: 0.7712 @ 06:44 BST Jun 15
  • SUP 1: 0.7646 Low Jun 3
  • SUP 2: 0.7635 Low Apr 14
  • SUP 3: 0.7586 Low Apr 13
  • SUP 4: 0.7546 200-dma

AUDUSD continues to trade in a range. The pair did break through 0.7675 on Jun 3 but immediately reversed the sharp move lower. The move lower though does highlight a bearish risk. A resumption of weakness would open 0.7586, Apr 13 low and 0.7532, Apr 1 low and a key support. Initial resistance is at 0.7773, Jun 2 high and 0.7813, May 18 high. A move above the latter would ease bearish pressure.

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