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Firmer Close Despite Bearish Trend Signals

AUDUSD TECHS
  • RES 4: 0.6900 High Jun 16 and a key resistance
  • RES 3: 0.6871 High Dec 28 and the bull trigger
  • RES 2: 0.6729/71 High Jan 12 / 3
  • RES 1: 0.6625 High Jan 30 and key resistance
  • PRICE: 0.6560 @ 16:32 GMT Feb 20
  • SUP 1: 0.6443 Low Feb 13
  • SUP 2: 0.6412 76.4% Fibonacci retracement for Oct - Dec upleg
  • SUP 3: 0.6360 Low Nov 14
  • SUP 4: 0.6339 Low Nov 10

AUD/USD built on Friday’s firm weekly and daily close, rebuffing the bearish trend condition. The Latest bounce is still considered corrective at these levels, with last Tuesday’s initial break lower reinforcing the bearish theme. To the downside, sights rest on 0.6412, a Fibonacci retracement. Moving average studies are in a bear-mode set-up, highlighting a clear downtrend. Key resistance to watch is 0.6625, the Jan 30 high. Initial resistance is at 0.6546, the 20-day EMA and a level pierced this week.

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

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