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Testing First Support

  • RES 4: 0.7895 76.4% retracement of the Feb 25 - Apr 1 sell-off
  • RES 3: 0.7849 High Mar 18 and a reversal trigger
  • RES 2: 0.7839 2.0% 10-dma Envelope
  • RES 1: 0.7816 High Apr 20
  • PRICE: 0.7715 @ 06:43 BST Apr 21
  • SUP 1: 0.7706/05 Low Feb 14 and 19 / 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 maintains a firmer tone following last week's break of 0.7677, Apr 7 high and this week's follow through. Recent gains also 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. Initial firm support is at 0.7706, Feb 14 and 19 low and this level has been tested. A clear break would concern bulls and instead expose 0.7635, Apr 14 low.

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