Free Trial

Tests Trendline Support *RES 4:........>

AUSSIE TECHS
AUSSIE TECHS: Tests Trendline Support
*RES 4: 0.6995 High Jan 3
*RES 3: 0.6943 High Jan 7
*RES 2: 0.6934 High Jan 16 and key near-term level
*RES 1: 0.6889 High Jan 20
*PRICE: 0.6843 @ 05:58 GMT Jan 22
*SUP 1: 0.6829/27 Trendline support drawn off the Oct 2 low / Intraday low
*SUP 2: 0.6820 76.4% retracement of the Nov 29 - Dec 31 rally
*SUP 3: 0.6800 Low Dec 10
*SUP 4: 0.6754 Low Nov 29
AUD/USD traded lower overnight testing its key trendline support at 0.6829. The
trendline is drawn off the Oct 2 low. A clear break would further reinforce
bearish conditions that have dominated this month and pave the way for a move
towards 0.6800, Dec 10 low and potentially towards the Nov 29 low 0.6754. For
bulls, firstly the trendline needs to hold and secondly price needs to return
above 0.6889 minimally to ease the bearish threat.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.