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50-Day EMA Remains Intact

AUDUSD TECHS
  • RES 4: 0.7314 High Jan 13 and a key resistance
  • RES 3: 0.7277 High Jan 20
  • RES 2: 0.7181 50-day EMA
  • RES 1: 0.7168 High Feb 3
  • PRICE: 0.7124 @ 06:46 GMT Feb 8
  • 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 trading below recent highs and key resistance at the 0.7181 50-day EMA remains intact. The trend condition is bearish and short-term gains are considered corrective. The recent breach of key support at 0.6993/91, Dec 3 2021 and Nov 2 2020 lows reinforced a bearish theme and confirmed a resumption of the downtrend. This has opened 0.6963/21, the Jul 16 and Jul 14 2020 lows. A break of the 50-day EMA would alter the picture.

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