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Hits Bull Trigger

AUDUSD TECHS
  • RES 4: 0.7917 High Mar 14, 2018 and a key resistance
  • RES 3: 0.7915 2.0% 10-dma envelope
  • RES 2: 0.7885 High Mar 15. 2018
  • RES 1: 0.7877 High Feb 19
  • PRICE: 0.7871 @ 19:50 GMT Feb 21
  • SUP 1: 0.7718 20-day EMA
  • SUP 2: 0.7651 Low Feb 8
  • SUP 3: 0.7583/64 Low Feb 5 / Low Feb 2 and the bear trigger
  • SUP 4: 0.7557 Low Dec 28

AUDUSD maintains a bullish posture with scope for further gains. Price action on Feb 5 highlighted a reversal signal following the inability to clear the 50-day EMA. The pair has breached resistance at 0.7820, Jan 6 high and the bull trigger. This opens 0.7915 as the next upside target. On the downside, a break of 0.7564, Feb 2 low is required to highlight a broader reversal. Initial support lies at 0.7718, the 20-day EMA.

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

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