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AUDUSD TECHS: Southbound

AUDUSD TECHS
USForeign Exchange Technical AnalysisAPACAustraliaBulletMarketsForeign Exchange BulletsNorth America
  • RES 4: 0.6471 High Dec 9
  • RES 3: 0.6444 50-day EMA               
  • RES 2: 0.6384 High Dec 13   
  • RES 1: 0.6274/6323 Low Dec 20 / 20-day EMA
  • PRICE: 0.6216 @ 16:12 GMT Dec 30
  • 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

AUDUSD bears remain in the driver’s seat and the pair is trading closer to latest lows. Recent weakness 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 monitor is 0.6323, the 20-day EMA. 

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  • RES 4: 0.6471 High Dec 9
  • RES 3: 0.6444 50-day EMA               
  • RES 2: 0.6384 High Dec 13   
  • RES 1: 0.6274/6323 Low Dec 20 / 20-day EMA
  • PRICE: 0.6216 @ 16:12 GMT Dec 30
  • 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

AUDUSD bears remain in the driver’s seat and the pair is trading closer to latest lows. Recent weakness 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 monitor is 0.6323, the 20-day EMA.