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(M2) Correction Extends


Late Session Rebound


(M2) Corrective Cycle Remains In Play


(M2) Gains Still Considered Corrective

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Tops Key Resistance

  • RES 4: 0.7341 61.8% retracement of the Oct 28 - Dec 3 downleg
  • RES 3: 0.7312 Former channel base drawn from the Aug 20 low
  • RES 2: 0.7278 1.0% 10-dma envelope
  • RES 1: 0.7276 High Dec 30
  • PRICE: 0.7258 @ 15:13 GMT Dec 31
  • SUP 1: 0.7173 20-day EMA
  • SUP 2: 0.7082/7040 Low Dec 20 / Low Dec 7
  • SUP 3: 0.6993/91 Low Dec 3 / Low Nov 2 2020 and a key support
  • SUP 4: 0.6963 Low Jul 16 2020

AUDUSD breached the Dec 16 high of 0.7224 ahead of the holiday break and has strengthened since, triggering a resumption of bullish activity. The 50-day EMA at 0.7233 has alsos been cleared, strengthening bullish conditions and the focus is on 0.7312, former channel base drawn from the Aug 20 low. Key short-term support has been defined at 0.7082, the Dec 20 low. A break would reinstate a bearish theme and open the key support zone at 0.6993/91.

MNI London Bureau | +44 203-865-3809 |
MNI London Bureau | +44 203-865-3809 |

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