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Fades Further Off Key Resistance

AUDUSD TECHS
  • RES 4: 0.6961 1.236 proj of the Nov 10 - Dec 4 - Dec 7 price swing
  • RES 3: 0.6921 High Feb 20
  • RES 2: 0.6900 High Jun 16 and a key resistance
  • RES 1: 0.6871 High Dec 28
  • PRICE: 0.6692 @ 08:57 GMT Jan 05
  • SUP 1: 0.6689 Low Jan 05
  • SUP 2: 0.6641 38.2% Fib retracement for Oct - Dec Upleg
  • SUP 3: 0.6636 50-day EMA
  • SUP 4: 0.6526 Low Dec 7 and key support

AUD/USD is on track to record a seventh consecutive daily lower close, as markets defy the bullish conditions evident in the late December run higher. For now, the bullish uptrend channel drawn off the late October low is still a supportive factor, as is the formation of a golden cross in dma space, signalling positive near-term momentum. Key short-term support is unchanged at 0.6526, the Dec 7 low.

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