Free Trial

Evening Star Candle

AUDUSD TECHS
  • RES 4: 0.7393 High Nov 10
  • RES 3: 0.7371 High Nov 15
  • RES 2: 0.7351 Former channel base drawn from the Aug 20 low
  • RES 1: 0.7229/7314 High Jan 17 / High Jan 13
  • PRICE: 0.7195 @ 06:39 GMT Jan 18
  • SUP 1: 0.7155 Low Jan 11
  • SUP 2: 0.7130 Low Jan 7
  • SUP 3: 0.7082 Low Dec 20 and a key support
  • SUP 4: 0.7069 76.4% retracement of the Dec 3 - Jan 13 upleg

AUDUSD traded to a high of 0.7314 last week before pulling back and has traded lower again today. The move lower is a concern for bulls and a deeper retracement would expose 0.7130, the Jan 7 low. The 3-day price action between Dec 12 -14 is an evening star candle pattern and also highlights a potential reversal. A turn higher and importantly a break of 0.7314, would resume the recent upleg and cancel the developing bear threat.

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.