Forex Market Analysis - 01 June
- Duncan Cooper , Senior Market Strategist & Trading Mentor at ACY Securities
- 01.06.2021 07:30 am Forex
AUDUSD Overview:
Watch the video for a summary of today’s news releases, a review of the USD Index, and a complete Top Down Analysis of the AUDUSD.
AUDUSD Monthly:
Monthly support at 0.7532, resistance at 0.7835.
Over the last 4 months price has been testing and rejecting monthly resistance at 0.7835. Last month price formed an inverted hammer signalling a possible change in trend.
AUDUSD Weekly:
Weekly support at 0.7675 and 0.7532, resistance at 0.7820, 0.7849 and 0.7891.
Price has moved up to a higher high at 0.7891 and has then traded down throughout the month of May. Price breaking below 0.7675 weekly support would confirm a lower top on the monthly chart and turn the weekly trend to down.
