Free Trial

Dips Likely A Correction

AUDUSD TECHS
  • RES 4: 0.7732 High Apr 20, 2018
  • RES 3: 0.7694 2.0% 10-dma envelope
  • RES 2: 0.7677 High Jun 6, 2018
  • RES 1: 0.7640 High Dec 17 and the bull trigger
  • PRICE: 0.7564 @ 06:16 GMT Dec 22
  • SUP 1: 0.7478 20-day EMA
  • SUP 2: 0.7462 Low Dec 21 and a bear trigger
  • SUP 3: 0.7399 Low Dec 8
  • SUP 4: 0.7373 Low Dec 7 and key near-term support

AUDUSD is off recent highs and despite yesterday's volatility, maintains a bullish outlook. The pair traded to a fresh trend high of 0.7640 last week further reinforcing a bullish theme. Moving average studies are also in a bull mode and together with a positive price sequence of higher highs and higher lows, reinforce the current bullish theme. The focus is on 0.7677 next, Jun 6, 2018 high. Key support is at 0.7462, a break would alter the picture.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.