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AUSSIE TECHS: Bulls Still Not Out Of The Woods
*RES 4: 0.7032 High Dec 31 and bull trigger
*RES 3: 0.6995 High Jan 3
*RES 2: 0.6943 High Jan 7
*RES 1: 0.6920 High Jan 13
*PRICE: 0.6903 @ 16:36 GMT Jan 14
*SUP 1: 0.6849 Low Jan 8
*SUP 2: 0.6838 Low Dec 17 and key support
*SUP 3: 0.6817 Trendline support drawn off the Oct 2 low
*SUP 4: 0.6800 Low Dec 10
AUDUSD bulls are not out of the woods yet despite the recent recovery. The pair
last week breached 0.6904, Dec 25 low to further undermine the recent bullish
outlook. This opens 0.6838 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.