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AUDUSD TECHS: Bearish Trend Structure

AUDUSD TECHS
USForeign Exchange Technical AnalysisAPACAustraliaBulletMarketsForeign Exchange BulletsNorth America
  • RES 4: 0.6550 High Nov 25
  • RES 3: 0.6501 50-day EMA               
  • RES 2: 0.6429 High Dec 12  
  • RES 1: 0.6337/6396 Low Dec 11 / 20-day EMA
  • PRICE: 0.6263 @ 16:55 GMT Dec 20
  • SUP 1: 0.6199 Low Dec 19 
  • SUP 3: 0.6158 1.236 proj of the Sep 30 - Nov 6 - 7 price swing
  • SUP 3: 0.6100 Round number support 
  • SUP 4: 0.6045 1.500 proj of the Sep 30 - Nov 6 - 7 price swing

The trend needle in AUDUSD continues to point south and this week’s fresh cycle lows and Wednesday’s sell-off, reinforce a bear theme. 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 0.6158 next, a Fibonacci projection. Initial firm resistance to watch is 0.6396, the 20-day EMA. 

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  • RES 4: 0.6550 High Nov 25
  • RES 3: 0.6501 50-day EMA               
  • RES 2: 0.6429 High Dec 12  
  • RES 1: 0.6337/6396 Low Dec 11 / 20-day EMA
  • PRICE: 0.6263 @ 16:55 GMT Dec 20
  • SUP 1: 0.6199 Low Dec 19 
  • SUP 3: 0.6158 1.236 proj of the Sep 30 - Nov 6 - 7 price swing
  • SUP 3: 0.6100 Round number support 
  • SUP 4: 0.6045 1.500 proj of the Sep 30 - Nov 6 - 7 price swing

The trend needle in AUDUSD continues to point south and this week’s fresh cycle lows and Wednesday’s sell-off, reinforce a bear theme. 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 0.6158 next, a Fibonacci projection. Initial firm resistance to watch is 0.6396, the 20-day EMA.