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Support Holds, For Now

AUDUSD TECHS
  • RES 4: 0.6921 High Feb 20
  • RES 3: 0.6900 High Jun 16 and a key resistance
  • RES 2: 0.6871 High Dec 28 and the bull trigger
  • RES 1: 0.6771 High Jan 3
  • PRICE: 0.6690 @ 16:49 GMT Jan 12
  • SUP 1: 0.6641 Low Jan 05
  • SUP 2: 0.6621 Trendline support drawn from the Oct 26 low
  • SUP 3: 0.6571 50.0% Fibonacci retracement for Oct - Dec Upleg
  • SUP 4: 0.6526 Low Dec 7 and key support

AUDUSD is unchanged and remains in consolidation mode. The recent move lower appears to be a correction and the medium-term trend directional signals point north. Moving average studies also highlight an uptrend and trendline support - at 0.6621 - drawn from the late October low, remains intact. The trendline represents an important support. On the upside key resistance is unchanged at 0.6871, the Dec 28 high.

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