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Trend Needle Points North

  • RES 4: 0.7137 High Aug 11
  • RES 3: 0.7059 2.236 proj of the Oct 13 - 27 - Nov 3 price swing
  • RES 2: 0.7009 High Aug 26
  • RES 1: 0.6994 High Jan 13
  • PRICE: 0.6944 @ 16:16 GMT Jan 13
  • SUP 1: 0.6860 Low Jan 9
  • SUP 2: 0.6813 20-day EMA
  • SUP 3: 0.6688 Low Jan 3 and key support
  • SUP 4: 0.6650 Low Dec 22

AUDUSD extended higher Thursday, amid global dollar weakness. This retains a bullish theme. The pair has cleared 0.6893, the Dec 13 high and this confirmed a resumption of the uptrend that started Oct 13. The move higher maintains the bullish price sequence of higher highs and higher lows and note that moving average studies are in a bull mode position. The focus is on 0.7009 next, the Aug 26 high. Key support lies at 0.6688, Jan 3 low.

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