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50-day EMA Still Under Pressure

AUDUSD TECHS
  • 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: 0.7704 High Jan 29
  • PRICE: 0.7603 @ 06:41 GMT Feb 5
  • SUP 1: 0.7564 Low Feb 2 and the intraday bear trigger
  • SUP 2: 0.7557 Low Dec 28
  • SUP 3: 0.7517 Low Dec 22
  • SUP 4: 0.7462 Low Dec 21

AUDUSD is unchanged. The pair maintains a bearish tone and is trading closer to recent lows. Scope is seen for a deeper pullback as part of a corrective cycle with momentum studies also trending down and unwinding a recent overbought reading. Attention is on the 50-day EMA. This has this week been probed and a clear break would strengthen a bearish case and open 0.7517, Dec 22 low. On the upside, 0.7704 marks initial resistance.

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