AUDUSD TECHS: Support Holds
- 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: 0.6639@ 07:55 BST May 31
- SUP 1: 0.6591 Low May 30
- SUP 2: 0.6587 50-day EMA
- SUP 3: 0.6558 Low May 8
- SUP 4: 0.6465/6407 Low May 1 / Low Apr 22
A bullish cycle in AUDUSD that started Apr 19 remains intact and recent short-term weakness appears to have been a correction. Attention is on the key short-term support at 0.6587, 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.
Want to read more?
Find more articles and bullets on these widgets:
Historical bullets
USDCAD TECHS: Bullish Structure
- RES 4: 1.3977 High Oct 13 ‘23 and a key M/T resistance
- RES 3: 1.3899 High Nov 1 and a key resistance
- RES 2: 1.3846/55 High Apr 16 and the bull trigger / High Nov 10 2023
- RES 1: 1.3804 High Apr 9
- PRICE: 1.3782 @ 07:54 BST May 1
- SUP 1: 1.3632 Low Apr 29
- SUP 2: 1.3615 50-day EMA
- SUP 3: 1.3547 Low Apr 9
- SUP 4: 1.3478 Low Apr 4
USDCAD traded sharply higher Tuesday. A bullish trend condition remains intact and the most recent pullback appears to have been a correction. The pair has recently cleared 1.3614, the Mar 19, 22, 25 and 29 highs, strengthening a bullish theme. This opens 1.3855 next, the Nov 10 ‘23 high. Note that moving average studies remain in a bull-mode position, highlighting a clear rising trend. Key support to watch 1.3615, the 50-day EMA.
USD: Broader buying emerging
- Some broader buying in the Dollar now, at a new intraday high against the NOK, SEK, JPY,. EUR, GBP, CHF, CZK, PLN.
- USDJPY is slowly getting towards 158.00, printed a 157.95 high.
- EURUSD sees next support at 1.0601 Low Apr 16.
MNI EXCLUSIVE: MNI INTERVIEW: No Great German Growth Leap - Gov't Advisor
MNI speaks with Lars Feld, economic advisor to German finance minister -- On MNI Policy MainWire now, for more details please contact sales@marketnews.com
