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Eyeing Resistance

AUDUSD TECHS
  • RES 4: 0.7314 High Jan 13 and a key resistance
  • RES 3: 0.7309 2.0% 10-dma envelope
  • RES 2: 0.7277 High Jan 20
  • RES 1: 0.7249 High Feb 09
  • PRICE: 0.7199 @ 06:56 GMT Feb 22
  • SUP 1: 0.7086/7052 Low Feb 14 / Low Feb 4
  • SUP 2: 0.6968/6963 Low Jan 28 / Low Jul 16, 2020
  • SUP 3: 0.6921 Low Jul 14, 2020
  • SUP 4: 0.6884 0.764 proj of the Oct ‘21 - Dec ‘21 - Jan price swing

AUDUSD is consolidating and remains above support at 0.7086, the Feb 14 low. Initial resistance to watch is 0.7249, the Feb 10 high where a break would open a more important resistance at 0.7314, the Jan 13 high. Clearance of 0.7314 would highlight a broader reversal. For bears, sub 0.7086 levels would instead signal potential for weakness towards the major support at 0.6968, the Jan 28 low.

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