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Eyeing The The Bull Trigger

  • RES 4: 0.7917 High Mar 14, 2018 and a key resistance
  • RES 3: 0.7885 High Mar 15. 2018
  • RES 2: 0.7782/7820 High Jan 21 / High Jan 6 and the bull trigger
  • RES 1: 0.7772 High Feb 11
  • PRICE: 0.7783 @ 06:47 GMT Feb 15
  • SUP 1: 0.7695/51 20-day EMA / Low Feb 8
  • SUP 2: 0.7583/64 Low Feb 5 / Low Feb 2 and the bear trigger
  • SUP 3: 0.7557 Low Dec 28
  • SUP 4: 0.7517 Low Dec 22

AUDUSD has edged higher overnight and maintains a firmer posture. Price action on Feb 5 highlighted a reversal signal following the recent inability to clear the 50-day EMA. The pair has breached resistance at 0.7704, Jan 29 high and this signals scope for a climb towards 0.7820, the Jan 6 high and the bull trigger. On the downside, a break of 0.7564, Feb 2 low would resume recent bearish pressure. Initial support lies at 0.7695, the 20-day EMA.

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