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Strong Corrective Bounce

AUDUSD TECHS
  • RES 4: 0.7314 High Jan 13 and a key resistance
  • RES 3: 0.7277 High Jan 20
  • RES 2: 0.7191 50-day EMA
  • RES 1: 0.7148 20-day EMA
  • PRICE: 0.7139 @ 18:09 GMT Feb 2
  • SUP 1: 0.7034/6963 Low Feb 1 / Low Jul 16, 2020
  • SUP 2: 0.6921 Low Jul 14, 2020
  • SUP 3: 0.6884 0.764 proj of the Oct ‘21 - Dec ‘21 - Jan price swing
  • SUP 4: 0.6759 50.0% Fibonacci retrace of the Mar ‘19 - Feb ‘21 rally

AUDUSD has rebounded from the Jan 28 low of 0.6968. The trend condition remains bearish though and the recent breach of key support at 0.6993/91, the Dec 3 2021 and Nov 2 2020 lows reinforces this theme - the move lower confirmed a resumption of the downtrend and opens 0.6963/21, the Jul 16 and Jul 14 2020 lows. The next firm resistance is seen at 0.7148/91, the 20- day and 50-day EMA values.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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