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Tops Key Pivot Point

AUDUSD TECHS
  • RES 4: 0.7314 High Jan 13 and a key resistance
  • RES 3: 0.7277 High Jan 20
  • RES 2: 0.7244 2.0% 10-dma envelope
  • RES 1: 0.7195 High Feb 09
  • PRICE: 0.7184 @ 16:40 GMT Feb 9
  • SUP 1: 0.7052 Low Feb 4
  • SUP 2: 0.6968/6963 Low Jan 28 / Low Jul 16, 2020
  • SUP 3: 0.6921 Low Jul 14, 2020
  • SUP 4: 0.6884 0.764 proj of the Oct ‘21 - Dec ‘21 - Jan price swing

AUDUSD recovered further from recent lows, with prices topping the 50-day EMA at 0.7179 - an important pivot point. Should AUD/USD close at current levels, the previous bearish trend condition is under threat, and instead shifts focus higher toward vol band resistance of 0.7244 and the Jan 20 high at 0.7277. To the downside, markets need to slip through key support at 0.6993/91, Dec 3 2021 and Nov 2 2020 lows to re-establish any bearish theme.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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