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AUSSIE TECHS: Bounces Into the Close
*RES 3: 0.6995 High Jan 3
*RES 2: 0.6943 High Jan 7
*RES 1: 0.6920 High Jan 13
*PRICE: 0.6910 @ 16:46 GMT Jan 15
*SUP 1: 0.6849 Low Jan 8
*SUP 2: 0.6838 Low Dec 17 and key support
*SUP 3: 0.6819 Trendline support drawn off the Oct 2 low
After coming under pressure for much of the European morning, AUD/USD bounced
into the close on suspected buying around the fix, but remains vulnerable
near-term. Last week, price breached 0.6904, Dec 25 low to further undermine the
recent bullish outlook. This opens 0.6838, the Dec 17 low. Note, there is a
volatility-based support at the 0.6848 level. If the sell-off so far this month
is a correction, the 0.6838-48 zone would need to remain intact to avoid a
deeper sell-off. 0.6943 is the initial key resistance and needs to be cleared to
reinstate a bullish focus.