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Corrective Phase

AUDUSD TECHS
  • RES 4: 0.6821 High Jul 27
  • RES 3: 0.6747 76.4% retracement of the Jul 13 - Oct 26 bear leg
  • RES 2: 0.6738 2.0% 10-dma envelope
  • RES 1: 0.6623/91 High Dec 5 / 4 and the bull trigger
  • PRICE: 0.6565 @ 16:07 GMT Dec 11
  • SUP 1: 0.6555/26 20-day EMA / Low Dec 07
  • SUP 2: 0.6498 50-day EMA
  • SUP 3: 0.6453 Low Nov 17
  • SUP 4: 0.6360 Low Nov 14

The uptrend in AUDUSD remains intact and the pullback from last week’s high appears to be a correction. Support at the 20-day EMA, at 0.6555, has been pierced. A clear break of the average would open 0.6498, the 50-day EMA. Moving average studies remain in a bull-mode set-up, highlighting an uptrend. The bull trigger has been defined at 0.6691, the Dec 4 high. A break would confirm a resumption of the uptrend.

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