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Takes Out Key Resistance

AUDUSD TECHS
  • RES 4: 0.7849 High Mar 18 and a reversal trigger
  • RES 3: 0.7774 High Mar 19
  • RES 2: 0.7750 High Mar 23
  • RES 1: 0.7732 High Apr 14
  • PRICE: 0.7729 @ 16:43 BST Apr 14
  • SUP 1: 0.7586 Low Apr 13
  • SUP 2: 0.7532/17 Low Apr 1 and the bear trigger / Low Dec 22
  • SUP 3: 0.7462 Low Dec 21
  • SUP 4: 0.7418 23.6% retracement of the Mar 2020 - Feb rally

AUDUSD traded notably firmer Wednesday, taking out key resistance at 0.7677. This reverses the previously bearish outlook and opens a sharper correction higher toward the Mar 23 highs of 0.7750 and reversal trigger of 0.7849 further out. For any recovery to gain momentum, bulls need to build a base above the 0.7718 50-dma, which now undercuts as key support.

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