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50-Day EMA Marks Resistance

AUDUSD TECHS
  • RES 4: 0.7314 High Jan 13 and a key resistance
  • RES 3: 0.7277 High Jan 20
  • RES 2: 0.7187 50-day EMA
  • RES 1: 0.7168 High Feb 3
  • PRICE: 0.7129 @ 06:45 GMT Feb 4
  • SUP 1: 0.7034 Low Feb 1
  • SUP 2: 0.6968/6963 Low Jan 28 / Low Jul 16, 2020
  • SUP 3: 0.6921 Low Jul 14, 2020
  • SUP 4: 0.6884 0.764 proj of the Oct ‘21 - Dec ‘21 - Jan price swing

AUDUSD is unchanged and holding onto recent gains from the Jan 28 low of 0.6968. The trend condition is bearish and the recent bounce is considered corrective. The recent breach of key support at 0.6993/91, the Dec 3 2021 and Nov 2 2020 lows reinforced a bearish theme and confirmed a resumption of the downtrend and has opened 0.6963/21, the Jul 16 and Jul 14 2020 lows. The next firm resistance is seen at 0.7187, the 50-day EMA values.

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