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Bearish Threat Following Friday’s Sell-Off

AUDUSD TECHS
  • RES 4: 0.7393 High Nov 10
  • RES 3: 0.7371 High Nov 15
  • RES 2: 0.7348 Former channel base drawn from the Aug 20 low
  • RES 1: 0.7314 High Jan 13
  • PRICE: 0.7211 @ 16:33 GMT Jan 17
  • SUP 1: 0.7155 Low Jan 11
  • SUP 2: 0.7130 Low Jan 7
  • SUP 3: 0.7082 Low Dec 20 and a key support
  • SUP 4: 0.7069 76.4% retracement of the Dec 3 - Jan 13 upleg

AUDUSD traded to a high of 0.7314 last week before pulling back and Friday’s sell-off erased Wednesday’s strong gains. The pullback is a concern for bulls and a deeper retracement would expose support at 0.7130, the Jan 7 low. Clearance of this support would strengthen a bearish case. A turn higher and importantly a break of 0.7314, would resume the recent upleg. This would open 0.7348, a former channel base.

Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsForeign Exchange Bullets
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsForeign Exchange Bullets

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