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AUDUSD TECHS: Bearish Extension

AUDUSD TECHS
USForeign Exchange Technical AnalysisAPACAustraliaBulletMarketsForeign Exchange BulletsNorth America
  • RES 4: 0.6688 High Nov 7 and a reversal trigger 
  • RES 3: 0.6582 High Nov 12               
  • RES 2: 0.6523 50-day EMA  
  • RES 1: 0.6433 20-day EMA
  • PRICE: 0.6305 @ 16:23 GMT Dec 18
  • SUP 1: 0.6300 Round number support
  • SUP 3: 0.6270 Low Oct 26 ‘23
  • SUP 3: 0.6259 1.000 proj of the Sep 30 - Nov 6 - 7 price swing
  • SUP 4: 0.6210 Low Oct 21 ‘22 

The trend needle in AUDUSD continues to point south and this week’s fresh cycle lows reinforce current conditions. The move down maintains the price sequence of lower lows and lower highs. Note that moving average studies are in a bear-mode position too, highlighting a dominant downtrend. The break lower opens 0.6259 next, a Fibonacci projection. Initial firm resistance to watch is 0.6433, the 20-day EMA. 

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  • RES 4: 0.6688 High Nov 7 and a reversal trigger 
  • RES 3: 0.6582 High Nov 12               
  • RES 2: 0.6523 50-day EMA  
  • RES 1: 0.6433 20-day EMA
  • PRICE: 0.6305 @ 16:23 GMT Dec 18
  • SUP 1: 0.6300 Round number support
  • SUP 3: 0.6270 Low Oct 26 ‘23
  • SUP 3: 0.6259 1.000 proj of the Sep 30 - Nov 6 - 7 price swing
  • SUP 4: 0.6210 Low Oct 21 ‘22 

The trend needle in AUDUSD continues to point south and this week’s fresh cycle lows reinforce current conditions. The move down maintains the price sequence of lower lows and lower highs. Note that moving average studies are in a bear-mode position too, highlighting a dominant downtrend. The break lower opens 0.6259 next, a Fibonacci projection. Initial firm resistance to watch is 0.6433, the 20-day EMA.