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Ebbs Off Bull Trigger

AUDUSD TECHS
  • RES 4: 0.6976 2.00 proj of the Oct 13 - 27 - Nov 3 price swing
  • RES 3: 0.6956 High Aug 30
  • RES 2: 0.6909 76.4% retracement of the Aug 11 - Oct 13 downleg
  • RES 1: 0.6851 High Dec 5 and the bull trigger
  • PRICE: 0.6735 @ 16:27 GMT Dec 12
  • SUP 1: 0.6669 Low Dec 7
  • SUP 2: 0.6635/6585 50-day EMA / Low Nov 21
  • SUP 3: 0.6387 Low Nov 10
  • SUP 4: 0.6272 Low Nov 3 and a key support

The AUDUSD trend condition is unchanged and remains bullish - although prices faded off recent highs on Monday. For now, price is trading above key support at 0.6635, the 50-day EMA. A clear break of this average would highlight a bearish development and signal scope for a deeper retracement. 0.6851, the Dec 5 high is the bull trigger. Clearance of this level would confirm a resumption of the uptrend and open 0.6909, a Fibonacci retracement.

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