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Has Breached Trendline Support

AUDUSD TECHS
  • RES 4: 0.6921 High Feb 20
  • RES 3: 0.6900 High Jun 16 and a key resistance
  • RES 2: 0.6871 High Dec 28 and the bull trigger
  • RES 1: 0.6729/71 High Jan 12 / 3
  • PRICE: 0.6618 @ 07:58 GMT Jan 16
  • SUP 1: 0.6610 Intraday low
  • SUP 2: 0.6571 50.0% Fibonacci retracement for Oct - Dec Upleg
  • SUP 3: 0.6526 Low Dec 7 and key support
  • SUP 4: 0.6500 61.8% Fibonacci retracement for Oct - Dec Upleg

AUDUSD has started the week on a bearish note and is again trading lower today. The pair has breached 0.6634, trendline support drawn from the late October low. A clear breach of the line would strengthen a bearish theme and signal scope for a deeper correction. Attention is on 0.6571, a Fibonacci retracement point. On the upside, initial resistance to watch is at 0.6729, the Jan 12 high.

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