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50-day EMA Remains Exposed

  • RES 4: 0.7917 High Mar 14, 2018 and a key resistance
  • RES 3: 0.7885 High Mar 15. 2018
  • RES 2: 0.7782/7820 High Jan 21 / High Jan 6 and the bull trigger
  • RES 1: 0.7698 High Jan 28
  • PRICE: 0.7656 @ 06:37 GMT Jan 29
  • SUP 1: 0.7590 50-day EMA
  • SUP 2: 0.7557 Low Dec 28
  • SUP 3: 0.7517 Low Dec 22
  • SUP 4: 0.7462 Low Dec 21

AUDUSD maintains a bearish tone despite yesterday's bounce. This week's move lower has seen the pair trade below support at 0.7659, Jan 18 low. Scope is seen for a deeper pullback as part of a corrective cycle that is allowing a recent overbought condition to unwind. Attention is on 0.7590, the 50-day EMA where a break would strengthen a bearish case. On the upside, 0.7782 marks a firm resistance.

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