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Trading Above Support

AUDUSD TECHS
  • RES 4: 0.6771 High Jan 3
  • RES 3: 0.6751 76.4% retracement of the Dec 28 - Apr 19 bear leg
  • RES 2: 0.6729 High Jan 12
  • RES 1: 0.6680/6714 High May 28 / 16 and the bull trigger
  • PRICE: 0.6641@ 07:56 BST Jun 3
  • SUP 1: 0.6589 50-day EMA
  • SUP 2: 0.6558 Low May 8
  • SUP 3: 0.6465 Low May 1 and a key support
  • SUP 4: 0.6407 Low Apr 22

A bull cycle in AUDUSD that started Apr 19 remains intact and recent short-term weakness appears to have been a correction. A key support to watch lies at 0.6589, the 50-day EMA. A clear break of this average would signal scope for a deeper retracement and open 0.6558 initially, the May 8 low. For bulls, a resumption of gains would pave the way for 0.6751, a Fibonacci retracement. The bull trigger is 0.6714, May 16 high.

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