Free Trial

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: 0.7154 @ 16:23 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 Thursday 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.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.