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Outlook Remains Bearish

AUDUSD TECHS
  • RES 4: 0.6900 High Jun 16 and a key resistance
  • RES 3: 0.6871 High Dec 28 and the bull trigger
  • RES 2: 0.6729/71 High Jan 12 / 3
  • RES 1: 0.6635 50-day EMA
  • PRICE: 0.6569 @ 16:03 GMT Jan 23
  • SUP 1: 0.6526/25 Low Dec 7 and key support / Low Jan 17
  • SUP 2: 0.6500 61.8% Fibonacci retracement for Oct - Dec upleg
  • SUP 3: 0.6453 Low Nov 17
  • SUP 4: 0.6412 76.4% Fibonacci retracement for Oct - Dec upleg

AUDUSD maintains a softer tone following last week’s bearish price action. The pair has breached a trendline drawn from the late October low. The break strengthens a bearish theme and signals scope for a deeper correction. Attention is on 0.6526, the Dec 7 low and the next key support. A clear break would open 0.6500, a Fibonacci retracement. Initial resistance is at 0.6635, the 50-day EMA.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsForeign Exchange Bullets
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsForeign Exchange Bullets

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