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Trend Needle Points North Despite Recent Pullback

  • RES 4: 0.7245 2.00 proj of the Nov 21 - Dec 13 - Dec 20 price swing
  • RES 3: 0.7202 High Jun 9
  • RES 2: 0.7172 1.764 proj of the Nov 21 - Dec 13 - Dec 20 price swing
  • RES 1: 0.7082/0.7158 High Feb 3 / 2 and the bull trigger
  • PRICE: 0.6919 @ 16:59 GMT Feb 10
  • SUP 1: 0.6856 Low Feb 6
  • SUP 2: 0.6781 38.2% retracement of the Oct 13 - Feb 2 uptrend
  • SUP 3: 0.6755 Trendline support drawn from the Oct 13 low
  • SUP 4: 0.6688 Low Jan 3

AUDUSD is unchanged Friday. The uptrend remains intact, however, the recent move lower highlights a correction that is allowing a recent overbought trend condition to unwind. Price has pierced support at 0.6883, the 50-day EMA. A clear break of this EMA would signal scope for a deeper retracement. Key resistance and the bull trigger have been defined at 0.7158, the Feb 2 high. A break would resume the uptrend.

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