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Watching Support

AUDUSD TECHS
  • RES 4: 0.8007 High Feb 25 and the bull trigger
  • RES 3: 0.7895 76.4% retracement of the Feb 25 - Apr 1 sell-off
  • RES 2: 0.7849 High Mar 18 and a reversal trigger
  • RES 1: 0.7816/18 High Apr 20 / 29
  • PRICE: 0.7713 @ 06:25 BST May 3
  • SUP 1: 0.7691 Low Apr 22 and key short-term support
  • 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 traded lower Friday but remains within its range and above 0.7691, Apr 22 low. A bullish price structure dominates following the recent break of a trendline resistance drawn off the Feb 25 high and a climb back above the neckline of a head and shoulders reversal pattern. Resistance is at 0.7816/18 the 18 Apr 29 highs. A clear break would open 0.7849, the Mar 18 high. Key short-term support is unchanged at 0.7691, a breach would be bearish.

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