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Holding Onto Recent Gains

AUDUSD TECHS
  • RES 4: 0.7677 High Jun 6, 2018
  • RES 3: 0.7638 38.2% retracement of the 2013-2020 downtrend
  • RES 2: 0.7583 High Jun 14, 2018
  • RES 1: 0.7578 High Dec 14
  • PRICE: 0.7568 @ 20:16 GMT Dec 16
  • SUP 1: 0.7507 Low Dec 15
  • SUP 2: 0.7427 Low Dec 10
  • SUP 3: 0.7417 20-day EMA
  • SUP 4: 0.7373 Low Dec 7 and key near-term support

AUDUSD is holding onto recent gains and remains bullish. The Dec 2 break of 0.7414, Sep 1 high and former key resistance confirmed a resumption of the uptrend that began Mar 19. Moving average studies are also in a bull mode highlighting current sentiment. The focus is on 0.7583, the Jun 14, 2018 high and 0.7638, a Fibonacci retracement. Key short-term support is at 0.7373, Dec 7 low. Initial support lies at 0.7507 and 0.7427.

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

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