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Trades Through The Bull Trigger

AUDUSD TECHS
  • RES 4: 0.6976 2.00 proj of the Oct 13 - 27 - Nov 3 price swing
  • RES 3: 0.6956 High Aug 30
  • RES 2: 0.6909 76.4% retracement of the Aug 11 - Oct 13 downleg
  • RES 1: 0.6893 High Dec 12
  • PRICE: 0.6864 @ 15:54 GMT Dec 14
  • SUP 1: 0.6717 20-day EMA
  • SUP 2: 0.6648/6585 50-day EMA / Low Nov 21
  • SUP 3: 0.6387 Low Nov 10
  • SUP 4: 0.6272 Low Nov 3 and a key support

The AUDUSD trend condition is bullish and the pair traded higher Tuesday, breaking above the bull trigger at the Dec 5 high of 0.6851. The breach resumes the uptrend and opens 0.6909, a Fibonacci retracement. On the downside, the key support level to watch is 0.6648, the 50-day EMA. A clear break of this average would highlight a possible reversal and signal scope for a deeper retracement. Initial support to watch is 0.6717, the 20-day EMA.

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

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