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(M2) Correction Extends


Late Session Rebound


(M2) Corrective Cycle Remains In Play


(M2) Gains Still Considered Corrective

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Further Through Support

  • RES 4: 0.7371 High Nov 15
  • RES 3: 0.7277/7314 High Jan 20 / High Jan 13
  • RES 2: 0.7215 50-day EMA
  • RES 1: 0.7130/7191 Low Jan 7 / 20-day EMA
  • PRICE: 0.7043 @ 17:26 GMT Jan 27
  • SUP 1: 0.7038 Low Jan 27
  • SUP 2: 0.7025 2.0% 10-dma envelope
  • SUP 3: 0.6993/91 Low Dec 3 / Low Nov 2, 2020 and key support
  • SUP 4: 0.6963 Low Jul 16, 2020

AUDUSD traded further below support Thursday, having cleared 0.7082, Dec 20 low. 0.7069, 76.4% of the Dec 3 - Jan 13 upleg is under pressure too and a clear breach of this support would reinforce bearish conditions and clear the way for an extension towards the key support at 0.6993/91, the Dec 3 and Nov 2, 2020 lows. Moving average conditions remain in a bear mode, highlighting the current sentiment. Initial resistance is at 0.7191.

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