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Flat Correction Reinforces Bullish Conditions

  • 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: 0.7820 High Jan 6 and the bull trigger
  • PRICE: 0.7740 @ 06:42 GMT Jan 25
  • SUP 1: 0.7659 Low Jan 18
  • SUP 2: 0.7643 Jan 4 low
  • SUP 3: 0.7603 Low Dec 30
  • SUP 4: 0.7571 50-day EMA

AUDUSD continues to trade below recent highs and within this year's sideways range - a flat correction that 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 underlying uptrend and pave the way for strength towards 0.7885. On the downside, clearance of 0.7659 would instead signal the start of a possible corrective pullback.

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