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Pulling Away From Recent Lows

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: 0.7731 Intraday high
  • PRICE: 0.7724 @ 06:39 GMT Feb 9
  • SUP 1: 0.7651 Low Feb 8
  • SUP 2: 0.7564 Low Feb 2 and the short-term bear trigger
  • SUP 3: 0.7557 Low Dec 28
  • SUP 4: 0.7517 Low Dec 22

AUDUSD is firmer. Friday's price action is being monitored as a possible reversal signal following last week's inability to clear the 50-day EMA. The pair has breached resistance at 0.7704, Jan 29 high and this signals scope for a climb towards 0.7782/0.7820, the Jan 21 high and Jan 6 high respectively. The latter is also a bull trigger. On the downside, a break of 0.7564, Feb 2 low would resume recent bearish pressure.

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