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Challenging The 20-Day EMA

AUDUSD TECHS
  • RES 4: 0.7341 61.8% retracement of the Oct 28 - Dec 3 downleg
  • RES 3: 0.7300 Former channel base drawn from the Aug 20 low
  • RES 2: 0.7247 50-day EMA
  • RES 1: 0.7224 High Dec 16
  • PRICE: 0.7172 @ 06:29 GMT Dec 17
  • SUP 1: 0.7090/7040 Low Dec 14 / Low Dec 7
  • SUP 2: 0.6993/91 Low Dec 3 / Low Nov 2 2020 and a key support
  • SUP 3: 0.6963 Low Jul 16 2020
  • SUP 4: 0.6921 Low Jul 14 2020

AUDUSD traded higher yesterday and in the process breached resistance at 0.7187, the Dec 9 high. A key short-term support has been defined at 0.7090, the Dec 14 low. The pair has topped the 20-day EMA, at 0.7171 and a clear break would strengthen the current bull cycle and signal scope for a climb towards 0.7300, the base of the bull channel drawn from the Aug 20 low. The channel was breached Nov 19. For bears, a 0.7090 break would be bearish.

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