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Strong Reversal Highlights S/T Top

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: 0.6712 @ 07:57 GMT Dec 19
  • SUP 1: 0.6676 Low Dec 16
  • SUP 2: 0.6660/6585 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 last 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 0.6660. This represents a key short-term support and a break 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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