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Recent Weakness Considered Corrective

  • 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: 0.6983 @ 16:57 GMT Feb 8
  • SUP 1: 0.6856 Low Feb 6
  • SUP 2: 0.6781 38.2% retracement of the Oct 13 - Feb 2 uptrend
  • SUP 3: 0.6741 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 Monday, highlights a correction that has allowed a recent overbought trend condition to unwind. Price has pierced support at 0.6878, the 50-day EMA. A clear break and 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.

MNI London Bureau | +44 203-865-3809 |

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