Holds Onto Recent Gains *RES 4:........>

AUSSIE TECHS: Holds Onto Recent Gains

*RES 4: 0.7032 High Dec 31 and bull trigger

*RES 3: 0.6995 High Jan 3

*RES 2: 0.6943 High Jan 7

*RES 1: 0.6920 High Jan 13

*PRICE: 0.6905 @ 06:03 GMT Jan 16

*SUP 1: 0.6849 Low Jan 8

*SUP 2: 0.6838 Low Dec 17 and key support

*SUP 3: 0.6821 Trendline support drawn off the Oct 2 low

*SUP 4: 0.6800 Low Dec 10

AUD/USD is consolidating and holding onto recent gains. The pair however is

still seen likely to remain vulnerable near-term. Last week, price breached

0.6904, Dec 25 low. This opens 0.6838, the Dec 17 low. We still see a

volatility-based support at 0.6848. If the sell-off this month is after all a

correction, 0.6838-48 would need to remain intact to avoid a deeper sell-off.

0.6943 is the initial key resistance, a break would reinstate a bullish focus.