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Remains Vulnerable

AUDUSD TECHS
  • RES 4: 0.7371 High Nov 15
  • RES 3: 0.7341 61.8% retracement of the Oct 28 - Dec 3 downleg
  • RES 2: 0.7339 Former channel base drawn from the Aug 20 low
  • RES 1: 0.7223/7278 High Jan 6 / High Dec 31
  • PRICE: 0.7172 @ 06:48 GMT Jan 11
  • SUP 1: 0.7121 Low Dec 22
  • SUP 2: 0.7082 Low Dec 20 and a key support
  • SUP 3: 0.7060 76.4% retracement of the Dec 3 - 31 upleg
  • SUP 4: 0.6993 Low Dec 3 and key support

A bearish threat remains present in AUDUSD following last week’s move lower and despite the recovery from Friday’s low. An inability to hold onto levels above the 50-day EMA highlights the bearish threat and the potential for a deeper pullback with support at 0.7082 exposed, Dec 20 low. Clearance of this level would strengthen a bearish case. Key short-term resistance is unchanged at 0.7278, the Dec 31 high.

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