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Bulls Remain In The Driver’s Seat

AUDUSD TECHS
  • RES 4: 0.6847 High Jul 20
  • RES 3: 0.6821 High Jul 27
  • RES 2: 0.6747 76.4% retracement of the Jul 13 - Oct 26 bear leg
  • RES 1: 0.6729 High Dec 14
  • PRICE: 0.6723 @ 07:32 GMT Dec 18
  • SUP 1: 0.6655 Low Dec 14
  • SUP 2: 0.6591/26 20-day EMA / Low Dec 07
  • SUP 3: 0.6524 50-day EMA
  • SUP 4: 0.6453 Low Nov 17

The uptrend in AUDUSD remains intact and last week’s gains reinforce this theme. The pair has traded through resistance at 0.6691, the Dec 4 high and a bull trigger. This confirms a resumption of the uptrend and paves the way for a climb towards 0.6747 next, 76.4% of the Jul 13 - Oct 26 bear leg. On the downside, key short-term support has been defined at 0.6526, the Dec 7 low. A break would threaten the uptrend.

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