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Clears Resistance

AUDUSD TECHS
  • RES 4: 0.7393 High Nov 10
  • RES 3: 0.7371 High Nov 15
  • RES 2: 0.7344 Former channel base drawn from the Aug 20 low
  • RES 1: 0.7314 High Jan 13
  • PRICE: 0.7294 @ 17:07 GMT Jan 13
  • SUP 1: 0.7130 Low Jan 7
  • SUP 2: 0.7082 Low Dec 20 and a key support
  • SUP 3: 0.7060 76.4% retracement of the Dec 3 - 31 upleg
  • SUP 4: 0.6993 Low Dec 3 and key support

AUDUSD rallied across both the Wednesday and Thursday sessions, clearing both the congestion zone of resistance layered between 0.7272-78 as well as the 100-dma at 0.7287. A clear break here opens 0.7341/44, 61.8% of the Oct - Dec bear leg and the former channel base drawn off the Aug 20 low. Initial support is at Wednesday’s low of 0.7200. Short-term support has been defined at 0.7130, the Jan 7 low.

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