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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: 0.6408 50-day EMA               
  • RES 2: 0.6341 High Dec 18   
  • RES 1: 0.6247/6282 High Dec 30 / 20-day EMA
  • PRICE: 0.6204 @ 15:21 GMT Jan 3 
  • SUP 1: 0.6179 Low Dec 31 
  • 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

A bearish trend condition in AUDUSD remains intact and the pair continues to trade 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 0.6282, the 20-day EMA. 

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  • RES 4: 0.6471 High Dec 9
  • RES 3: 0.6408 50-day EMA               
  • RES 2: 0.6341 High Dec 18   
  • RES 1: 0.6247/6282 High Dec 30 / 20-day EMA
  • PRICE: 0.6204 @ 15:21 GMT Jan 3 
  • SUP 1: 0.6179 Low Dec 31 
  • 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

A bearish trend condition in AUDUSD remains intact and the pair continues to trade 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 0.6282, the 20-day EMA.