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AUDUSD TECHS: Southbound

AUDUSD TECHS
USForeign Exchange Technical AnalysisAPACAustraliaBulletMarketsForeign Exchange BulletsNorth America
  • RES 4: 0.6550 High Nov 25
  • RES 3: 0.6491 50-day EMA               
  • RES 2: 0.6429 High Dec 12  
  • RES 1: 0.6337/6382 Low Dec 11 / 20-day EMA
  • PRICE: 0.6239 @ 16:40 GMT Dec 23
  • SUP 1: 0.6199 Low Dec 19 
  • SUP 3: 0.6158 1.236 proj of the Sep 30 - Nov 6 - 7 price swing
  • SUP 3: 0.6100 Round number support 
  • SUP 4: 0.6045 1.500 proj of the Sep 30 - Nov 6 - 7 price swing

The trend needle in AUDUSD continues to point south and the pair is trading closer to its recent lows. Last week’s move down maintains the price sequence of lower lows and lower highs. Note that moving average studies are in a bear-mode position too, highlighting a dominant downtrend. Scope is seen for an extension towards 0.6158 next, a Fibonacci projection. Initial firm resistance to watch is 0.6382, the 20-day EMA. 

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  • RES 4: 0.6550 High Nov 25
  • RES 3: 0.6491 50-day EMA               
  • RES 2: 0.6429 High Dec 12  
  • RES 1: 0.6337/6382 Low Dec 11 / 20-day EMA
  • PRICE: 0.6239 @ 16:40 GMT Dec 23
  • SUP 1: 0.6199 Low Dec 19 
  • SUP 3: 0.6158 1.236 proj of the Sep 30 - Nov 6 - 7 price swing
  • SUP 3: 0.6100 Round number support 
  • SUP 4: 0.6045 1.500 proj of the Sep 30 - Nov 6 - 7 price swing

The trend needle in AUDUSD continues to point south and the pair is trading closer to its recent lows. Last week’s move down maintains the price sequence of lower lows and lower highs. Note that moving average studies are in a bear-mode position too, highlighting a dominant downtrend. Scope is seen for an extension towards 0.6158 next, a Fibonacci projection. Initial firm resistance to watch is 0.6382, the 20-day EMA.