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Watching Support

AUDUSD TECHS
  • RES 4: 0.6921 High Feb 20
  • RES 3: 0.6861 50.0% retracement of the Feb 2 - Mar 10 bear leg
  • RES 2: 0.6824 High Feb 24
  • RES 1: 0.6713/6818 50-day EMA / High May 10
  • PRICE: 0.6691 @ 16:16 BST May 15
  • SUP 1: 0.6636 Low May 12
  • SUP 2: 0.6565 Low May 10 and the bear trigger
  • SUP 3: 0.6547 61.8% of the Oct - Feb bull cycle
  • SUP 4: 0.6403 76.4% of the Oct - Feb bull cycle

AUDUSD’s previous positive tone faded further Friday. Last week’s gains resulted in a print above key resistance at 0.6806, Apr 14 high and resistance to watch this week is 0.6818, the May 10 high. A clear break of this level is required to reinstate a bullish theme. On the downside, a continuation lower would expose key support at 0.6565, the Mar 10 low. Clearance of this level would confirm a resumption of the bear cycle that started Feb 2.

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