Pierces The 50-Day EMA

• RES 4: 0.7245 2.00 proj of the Nov 21 - Dec 13 - Dec 20 price swing
• RES 3: 0.7202 High Jun 9
• RES 2: 0.7172 1.764 proj of the Nov 21 - Dec 13 - Dec 20 price swing
• RES 1: 0.7082/0.7158 High Feb 3 / 2 and the bull trigger
• PRICE: 0.6935 @ 06:58 GMT Feb 7
• SUP 1: 0.6856 Low Feb 6
• SUP 2: 0.6781 38.2% retracement of the Oct 13 - Feb 2 uptrend
• SUP 3: 0.6734 Trendline support drawn from the Oct 13 low
• SUP 4: 0.6688 Low Jan 3

The AUDUSD uptrend remains intact, however, the sharp move lower late last week and yesterday, highlights a correction that is allowing a recent overbought trend condition to unwind. Price has pierced support at 0.6875, the 50-day EMA. A close below the EMA would signal scope for a deeper retracement. The broader uptrend remains intact. Key resistance and the bull trigger have been defined at 0.7158, the Feb 2 high.