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Positive Into the Close

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: 0.7699 20-day EMA
  • PRICE: 0.7676 @ 17:41 GMT Jan 28
  • SUP 1: 0.7586 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 recouped the day's early losses into the close, bouncing after the pair breached support at 0.7659, Jan 18 low. Scope for a deeper pullback remains and further weakness would reinforce a corrective cycle that is allowing a recent overbought condition to unwind. Attention is on 0.7586, the 50-day EMA where a break would strengthen a bearish case. On the upside, 0.7782 is seen as a firm resistance.

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