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Flat Correction

AUDUSD TECHS
  • RES 4: 0.7935 High Feb 19, 2018
  • RES 3: 0.7917 High Mar 14, 2018 and a key resistance
  • RES 2: 0.7885 High Mar 15. 2018
  • RES 1: 0.7782/7820 High Jan 21 / High Jan 6 and the bull trigger
  • PRICE: 0.7657 @ 20:32 GMT Jan 27
  • SUP 1: 0.7644 Low Jan 27
  • SUP 2: 0.7643 Jan 4 low
  • SUP 3: 0.7603 Low Dec 30
  • SUP 4: 0.7583 50-day EMA

AUDUSD opened further the gap with recent highs Wednesday but remains within this year's sideways range that remains a flat correction. This pattern reinforces the underlying bullish outlook. The range has defined key directional parameters at 0.7820, Jan 6 high and 0.7659, Jan 18 low. A break higher would confirm a resumption of the uptrend and open 0.7885, MAr 15, 2018 high. On the downside, clearance of 0.7659 would signal the start of a corrective pullback.

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