Free Trial

Trading Below Recent Highs

AUDUSD TECHS
  • RES 4: 0.8007 High Feb 25 and the bull trigger
  • RES 3: 0.7883 High Feb 26
  • RES 2: 0.7838 High Mar 2 and 3 and key near-term resistance
  • RES 1: 0.7800 High Mar 12
  • PRICE: 0.7737 @ 06:32 GMT Mar 17
  • SUP 1: 0.7712/06 50-day EMA / Low Mar 15
  • SUP 2: 0.7621 Low Mar 9 and the bear trigger
  • SUP 3: 0.7583/64 Low Feb 5 / Low Feb 2
  • SUP 4: 0.7502 3.0% 10-dma envelope

Last week's AUDUSD gains stalled at 0.7800. The broader outlook remains bearish following the sharp sell-off between Feb 29 - Mar 9. Furthermore, the breach on May 5 of 0.7693, Feb 26 low reinforces the current short-term bearish theme, signalling scope for weakness towards 0.7564, Feb 2 low. Firm short-term resistance has been defined at 0.7838, high Mar 2 and 3. A break would alter the picture, allowing for a stronger recovery.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.