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Fails To Hold Onto Thursday’s High

AUDUSD TECHS
  • RES 4: 0.7393 High Nov 10
  • RES 3: 0.7371 High Nov 15
  • RES 2: 0.7357 Former channel base drawn from the Aug 20 low
  • RES 1: 0.7277/7314 High Jan 20 / High Jan 13
  • PRICE: 0.7198@ 06:33 GMT Jan 21
  • SUP 1: 0.7170 Low Jan 18
  • SUP 2: 0.7130 Low Jan 7
  • SUP 3: 0.7082 Low Dec 20 and a key support
  • SUP 4: 0.7069 76.4% retracement of the Dec 3 - Jan 13 upleg

AUDUSD failed to hold onto Thursday’s high and still appears vulnerable. The recent move lower represents a concern for bulls and a deeper retracement would expose 0.7130, Jan 7 low. The 3-day price action between Dec 12 -14 is an evening star candle pattern and a strong short-term reversal signal. A turn higher and importantly a break of 0.7314, Jan 13 high, is needed to cancel the reversal pattern and resume the recent upleg.

MNI London Bureau | +44 203-586-3805 | taso.anastasiou.ext@marketnews.com
MNI London Bureau | +44 203-586-3805 | taso.anastasiou.ext@marketnews.com

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