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AUDUSD TECHS: Trend Outlook Remains Bearish

AUDUSD TECHS
USForeign Exchange Technical AnalysisAPACAustraliaBulletMarketsForeign Exchange BulletsNorth America
  • RES 4: 0.6429 High Dec 12
  • RES 3: 0.6384 High Dec 13               
  • RES 2: 0.6351 50-day EMA   
  • RES 1: 0.6236/0.6302 20-day EMA / High Jan 6
  • PRICE: 0.6198 @ 07:34 GMT Jan 15 
  • SUP 1: 0.6131 Low Jan 13   
  • SUP 3: 0.6100 Round number support
  • SUP 3: 0.6045 1.500 proj of the Sep 30 - Nov 6 - 7 price swing
  • SUP 4: 0.5994 1.618proj of the Sep 30 - Nov 6 - 7 price swing

A bearish trend condition in AUDUSD remains intact and the latest recovery is considered corrective. The pair has recently breached support at 0.6179, the Dec 31 low, maintaining the price sequence of lower lows and lower highs. Note that moving average studies are in a bear-mode position too. Scope is seen for an extension towards the 0.6100 handle next. Initial firm resistance to monitor is 0.6236, 20-day EMA. The 50-day EMA is at 0.6351.

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  • RES 4: 0.6429 High Dec 12
  • RES 3: 0.6384 High Dec 13               
  • RES 2: 0.6351 50-day EMA   
  • RES 1: 0.6236/0.6302 20-day EMA / High Jan 6
  • PRICE: 0.6198 @ 07:34 GMT Jan 15 
  • SUP 1: 0.6131 Low Jan 13   
  • SUP 3: 0.6100 Round number support
  • SUP 3: 0.6045 1.500 proj of the Sep 30 - Nov 6 - 7 price swing
  • SUP 4: 0.5994 1.618proj of the Sep 30 - Nov 6 - 7 price swing

A bearish trend condition in AUDUSD remains intact and the latest recovery is considered corrective. The pair has recently breached support at 0.6179, the Dec 31 low, maintaining the price sequence of lower lows and lower highs. Note that moving average studies are in a bear-mode position too. Scope is seen for an extension towards the 0.6100 handle next. Initial firm resistance to monitor is 0.6236, 20-day EMA. The 50-day EMA is at 0.6351.