Free Trial

Holding Onto Recent Gains

AUDUSD TECHS
  • RES 4: 0.7341 61.8% retracement of the Oct 28 - Dec 3 downleg
  • RES 3: 0.7289 Former channel base drawn from the Aug 20 low
  • RES 2: 0.7264 50-day EMA
  • RES 1: 0.7181/87 20-day EMA / High Dec 9
  • PRICE: 0.7166 @ 06:30 GMT Dec 13
  • SUP 1: 0.7115/7040 Low Dec 8 / Low Dec 7
  • SUP 2: 0.6993/91 Low Dec 3 / Low Nov 2 2020 and a key support
  • SUP 3: 0.6963 Low Jul 16 2020
  • SUP 4: 0.6921 Low Jul 14 2020

AUDUSD is consolidating and holding onto last week’s gains. The pair is testing the 20-day EMA that intersects at 0.7181. A clear break of this average would strengthen the current bull phase and signal scope for a climb towards 0.7291, the base of the bull channel drawn from the Aug 20 low. The channel base was breached on Nov 19. For bears, a reversal lower would refocus attention on 0.6991, the Nov 2 2020 low and the bear trigger.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.