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Corrective Phase

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: 0.7769 @ 06:51 GMT Jan 13
  • SUP 1: 0.7666 Low Jan 11
  • SUP 2: 0.7659/43 20-day EMA and Jan 4 low
  • SUP 3: 0.7603 Low Dec 30
  • SUP 4: 0.7557 Low Dec 28

AUDUSD traded to a fresh high last week of 0.7820 but has since retraced and is still likely in a corrective phase, despite trading higher yesterday. The near-term outlook is bearish. Support levels to watch are located at 0.7659/43, the 20-day EMA and Jan 4 low. A break of this support zone would signal scope for a deeper retracement, initially towards 0.7603, Dec 30 low. On the upside, a breach of 0.7820 would resume the trend.

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