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Fading Onto Recent Gains

AUDUSD TECHS
  • RES 4: 0.7393 High Nov 10
  • RES 3: 0.7371 High Nov 15
  • RES 2: 0.7346 Former channel base drawn from the Aug 20 low
  • RES 1: 0.7314 High Jan 13
  • PRICE: 0.7214 @ 17:23 GMT Jan 14
  • SUP 1: 0.7200 Low Jan 12
  • SUP 2: 0.7130 Low Jan 7
  • SUP 3: 0.7082 Low Dec 20 and a key support
  • SUP 4: 0.7060 76.4% retracement of the Dec 3 - 31 upleg

AUDUSD faded a portion of the week’s gains into the Friday close. To the upside, the pair has cleared both the congestion zone of resistance layered between 0.7272-78 as well as the 100-dma. The break higher reinforces a bullish theme and opens 0.7341/46, 61.8% of the Oct - Dec bear leg and the former channel base drawn off the Aug 20, 2021 low. Initial support is at Wednesday’s low of 0.7200. Key short-term support has been defined at 0.7130, the Jan 7 low.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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