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Fades 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: 0.6748 @ 08:48 GMT Jan 04
  • SUP 1: 0.6736 20-day EMA
  • SUP 2: 0.6702 Low Jan 03
  • SUP 3: 0.6635 50-day EMA
  • SUP 4: 0.6526 Low Dec 7 and key support

Bullish trend conditions in AUDUSD remain intact despite the corrective USD rally so far in 2024. Last week’s continuation higher reinforced the underlying bullish condition. Sights are on 0.6900, the Jun 16 high and the next key resistance. On the downside, key short-term support is unchanged at 0.6526, the Dec 7 low. Initial firm support is at 0.6736, the 20-day EMA. Short-term weakness is considered corrective.

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