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US TSYS

Tight Start

JPY

Cycle Highs In Sight For USD/JPY

AUD

Outlook Remains Bearish

Maintains A Softer Tone

AUDUSD TECHS
  • RES 4: 0.7917 High Mar 14, 2018 and a key resistance
  • RES 3: 0.7885 High Mar 15. 2018
  • RES 2: 0.7782/7820 High Jan 21 / High Jan 6 and the bull trigger
  • RES 1: 0.7704 High Jan 29
  • PRICE: 0.7622 @ 16:36 GMT Feb 1
  • SUP 1: 0.7592 Low Jan 28 and the 50-day EMA
  • SUP 2: 0.7557 Low Dec 28
  • SUP 3: 0.7517 Low Dec 22
  • SUP 4: 0.7462 Low Dec 21

AUDUSD maintains a bearish tone following last week's move lower. Recent weakness has seen the pair trade below support at 0.7659, Jan 18 low. Scope is seen for a deeper pullback as part of a corrective cycle with momentum studies unwinding a recent overbought reading. Attention is on 0.7592, the 50-day EMA and Jan 28 low, where a break would strengthen a bearish case. On the upside, 0.7782 marks a firm resistance.