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Support At The 20-Day EMA Remains Intact

AUDUSD TECHS
  • RES 4: 0.7245 2.00 proj of the Nov 21 - Dec 13 - Dec 20 price swing
  • RES 3: 0.7202 High Jun 9
  • RES 2: 0.7172 1.764 proj of the Nov 21 - Dec 13 - Dec 20 price swing
  • RES 1: 0.7142 High Jan 26
  • PRICE: 0.7070 @ 16:51 GMT Feb 1
  • SUP 1: 0.6984/6976 Low Jan 31 / 20-day EMA
  • SUP 2: 0.6872 Low Jan 19 and a key support
  • SUP 3: 0.6845 50-day EMA
  • SUP 4: 0.6688 Low Jan 3 and key support

AUDUSD recovered off lows Tuesday. The recent pullback appears corrective and the uptrend remains intact. Last week’s gains resulted in a break of 0.7063, the Jan 18 high. This confirmed a resumption of the uptrend and maintains the bullish price sequence of higher highs and higher lows. The focus is on a move to 0.7172 next, a Fibonacci projection. Short-term support is seen at the 20-day EMA, at 0.6976. A break would be bearish.

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