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Key Resistance Breached

AUDUSD TECHS
  • RES 4: 0.7341 61.8% retracement of the Oct 28 - Dec 3 downleg
  • RES 3: 0.7309 Former channel base drawn from the Aug 20 low
  • RES 2: 0.7275 61.8% of the Oct 28 - Dec 3 downleg
  • RES 1: 0.7242 Intraday high
  • PRICE: 0.7239@ 10:30 GMT Dec 23
  • SUP 1: 0.7166 20-day EMA
  • SUP 2: 0.7082/7040 Low Dec 20 / Low Dec 7
  • SUP 3: 0.6993/91 Low Dec 3 / Low Nov 2 2020 and a key support
  • SUP 4: 0.6963 Low Jul 16 2020

AUDUSD has today breached the Dec 16 high of 0.7224. Recently, attention has been on support at 0.7090, the Dec 14 low that was probed Monday. A clear break would strengthen a short-term bearish threat and expose support at 0.7040, Dec 7 low. For bulls, a clear break of 0.7224 would trigger a resumption of bullish activity. The 50-day EMA at 0.7233 has been breached too, the focus is on 0.7275, a Fibonacci retracement.

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