December 16, 2022 07:09 GMT
Strong Reversal
AUDUSD TECHS
- RES 4: 0.6976 2.00 proj of the Oct 13 - 27 - Nov 3 price swing
- RES 3: 0.6956 High Aug 30
- RES 2: 0.6909 76.4% retracement of the Aug 11 - Oct 13 downleg
- RES 1: 0.6893 High Dec 13 and the bull trigger
- PRICE: 0.6713 @ 07:07 GMT Dec 16
- SUP 1: 0.6677 Low Dec 15
- SUP 2: 0.6658/6585 50-day EMA / Low Nov 21
- SUP 3: 0.6387 Low Nov 10
- SUP 4: 0.6272 Low Nov 3 and a key support
A sharp sell-off in AUDUSD on Thursday signals a short-term top and suggests scope for a deeper pullback near-term. The 20-day EMA has been breached and attention turns to the 50-day EMA at 0.6658. This represents a key short-term support and a break, if seen, would suggest potential for a deeper retracement. On the upside, key resistance has been defined at 0.6893, the Dec 13 high. A break would resume the recent uptrend.
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