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AUDUSD TECHS: Bearish Trend Sequence Intact

AUDUSD TECHS
USForeign Exchange Technical AnalysisAPACAustraliaBulletMarketsForeign Exchange BulletsNorth America
  • RES 4: 0.6429 High Dec 12 
  • RES 3: 0.6384 High Dec 13               
  • RES 2: 0.6331 High Jan 24 and a key resistance   
  • RES 1: 0.6305 50-day EMA
  • PRICE: 0.6289 @ 16:15 GMT Feb 5 
  • SUP 1: 0.6171/6088 Low Feb 4 / 3
  • SUP 3: 0.6045 1.500 proj of the Sep 30 - Nov 6 - 7 price swing
  • SUP 3: 0.6000 Round number support
  • SUP 4: 0.5931 1.764 proj of the Sep 30 - Nov 6 - 7 price swing

AUDUSD continues to recover from Monday’s low. Despite these gains, the trend structure remains bearish. Monday’s cycle low confirmed a continuation of the downtrend and maintains the price sequence of lower lows and lower highs. A resumption of the bear leg would open 0.6045, a Fibonacci projection. Key resistance is at 0.6305, the 50-day EMA, and 0.6331, the Jan 24. A clear breach of both levels would alter the picture.

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  • RES 4: 0.6429 High Dec 12 
  • RES 3: 0.6384 High Dec 13               
  • RES 2: 0.6331 High Jan 24 and a key resistance   
  • RES 1: 0.6305 50-day EMA
  • PRICE: 0.6289 @ 16:15 GMT Feb 5 
  • SUP 1: 0.6171/6088 Low Feb 4 / 3
  • SUP 3: 0.6045 1.500 proj of the Sep 30 - Nov 6 - 7 price swing
  • SUP 3: 0.6000 Round number support
  • SUP 4: 0.5931 1.764 proj of the Sep 30 - Nov 6 - 7 price swing

AUDUSD continues to recover from Monday’s low. Despite these gains, the trend structure remains bearish. Monday’s cycle low confirmed a continuation of the downtrend and maintains the price sequence of lower lows and lower highs. A resumption of the bear leg would open 0.6045, a Fibonacci projection. Key resistance is at 0.6305, the 50-day EMA, and 0.6331, the Jan 24. A clear breach of both levels would alter the picture.