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Challenging The 50-Day EMA

AUDUSD TECHS
  • RES 4: 0.7314 High Jan 13 and a key resistance
  • RES 3: 0.7277 High Jan 20
  • RES 2: 0.7244 2.0% 10-dma envelope
  • RES 1: 0.7195 High Feb 09
  • PRICE: 0.7172 @ 06:56 GMT Feb 10
  • SUP 1: 0.7107/7052 Low Feb 8 / Low Feb 4
  • SUP 2: 0.6968/6963 Low Jan 28 / Low Jul 16, 2020
  • SUP 3: 0.6921 Low Jul 14, 2020
  • SUP 4: 0.6884 0.764 proj of the Oct ‘21 - Dec ‘21 - Jan price swing

AUDUSD traded higher yesterday and topped the 50-day EMA at 0.7179 - an important pivot point. A clear break of this EMA and a close above it would threaten the current bearish condition and instead shift a focus higher toward vol band resistance of 0.7244 and the Jan 20 high at 0.7277. Markets need to slip through key support at 0.6993/91, Dec 3 2021 and Nov 2 2020 lows to re-establish any bearish theme. Initial firm support is at 0.7052, Feb 4 low.

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