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.

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