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Bullish Price Action

AUDUSD TECHS
  • RES 4: 0.7200 Round number resistance
  • RES 3: 0.7137 High Aug 11
  • RES 2: 0.7059 2.236 proj of the Oct 13 - 27 - Nov 3 price swing
  • RES 1: 0.7019 High Jan 16
  • PRICE: 0.6961 @ 07:56 GMT Jan 17
  • SUP 1: 0.6860 Low Jan 9
  • SUP 2: 0.6840 20-day EMA
  • SUP 3: 0.6753 50-day EMA
  • SUP 4: 0.6688 Low Jan 3 and key support

AUDUSD traded higher Monday and a bullish theme remains intact. The pair has cleared 0.6893, the Dec 13 high and this has confirmed a resumption of the uptrend that started Oct 13. The move higher maintains the bullish price sequence of higher highs and higher lows and note that moving average studies are in a bull mode position. The focus is on 0.7059 next, a Fibonacci projection. Key support lies at 0.6688, Jan 3 low.

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