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Monitoring A Reversal Threat

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: 0.7675 @ 06:41 GMT Feb 8
  • SUP 1: 0.7564 Low Feb 2 and the short-term bear trigger
  • SUP 2: 0.7557 Low Dec 28
  • SUP 3: 0.7517 Low Dec 22
  • SUP 4: 0.7462 Low Dec 21

AUDUSD recovered Friday and closed at session highs. Friday's price action is being monitored as a possible reversal signal with initial resistance at 0.7704, Jan 29 high. For now, S/T conditions remain bearish though and scope is seen for a pullback as part of a corrective cycle with momentum studies trending down and unwinding a recent overbought reading. A break of 0.7564, Feb 2 low would resume the downtrend open 0.7517, Dec 22 low.

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