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Corrective Pullback

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: 0.7714 @ 17:18 GMT Jan 11
  • SUP 1: 0.7666 Low Jan 11
  • SUP 2: 0.7643/42 Jan 4 low / 20-day EMA
  • 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 pulled back and traded lower into the Monday close. The current move lower is considered a correction. Support levels to watch are located at 0.7643/42, Jan 4 low and the 20-day EMA. A break of this area would signal scope for a deeper pullback. On the upside, and with the uptrend still intact, a breach of 0.7820 would resume the trend.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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