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Trades Through Major Resistance

AUDUSD TECHS
  • RES 4: 0.7583 High Jun 14, 2018
  • RES 3: 0.7516 76.4% of 2018-19 downleg
  • RES 2: 0.7484 High Jul 9 and 10, 2018
  • RES 1: 0.7450 High Dec 3
  • PRICE: 0.7423 @ 11:17 GMT Dec 4
  • SUP 1: 0.7398 Low Dec 3
  • SUP 2: 0.7339 Low Nov 30 and key near-term support
  • SUP 3: 0.7321 20-day EMA
  • SUP 4: 0.7284 Low Nov 24

AUDUSD has resumed its push higher and yesterday traded above the key resistance of 0.7414, Sep 1 high. A bullish outlook remains intact and importantly the breach of 0.7414 confirms a resumption of the uptrend that has been in place since the Mar 19 reversal. Note, moving average studies are also in a bull mode reinforcing current conditions. Attention is on 0.7484, a high last seen in July 2018. Key S/T support lies at 0.7339, Nov 30 low.

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