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Corrective Cycle Still In Play

AUDUSD TECHS
  • RES 4: 0.7935 High Feb 19, 2018
  • RES 3: 0.7917 High Mar 14, 2018 and a key resistance
  • RES 2: 0.7885 High Mar 15. 2018
  • RES 1: 0.7820 High Jan 6 and the bull trigger
  • PRICE: 0.7731 @ 06:10 GMT Jan 20
  • SUP 1: 0.7659 Low Jan 18
  • SUP 2: 0.7643 Jan 4 low
  • SUP 3: 0.7603 Low Dec 30
  • SUP 4: 0.7549 50-day EMA

AUDUSD continues to trade below the recent high of 0.7820 from Jan 6. Although the uptrend remains intact, there is a risk the pair will retrace lower short-term in a move that would be considered a correction. This would allow an overbought condition to unwind. The pair Monday probed key support of 0.7666. A clear break would expose 0.7600 and below. On the upside, clearance of 0.7820 would confirm a resumption of the uptrend instead.

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