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Trend Signals Remain Bearish

AUDUSD TECHS
  • RES 4: 0.6900 High Jun 16 and a key resistance
  • RES 3: 0.6871 High Dec 28 and the bull trigger
  • RES 2: 0.6729/71 High Jan 12 / 3
  • RES 1: 0.6629 50-day EMA
  • PRICE: 0.6582 @ 07:57 GMT Jan 26
  • SUP 1: 0.6526/25 Low Dec 7 and key support / Low Jan 17
  • SUP 2: 0.6500 61.8% Fibonacci retracement for Oct - Dec upleg
  • SUP 3: 0.6453 Low Nov 17
  • SUP 4: 0.6412 76.4% Fibonacci retracement for Oct - Dec upleg

AUDUSD remains in consolidation mode. From a trend perspective, a bearish theme dominates for now. On Jan 16, the pair breached a trendline drawn from the late October low. That break strengthens a bearish theme and signals scope for a deeper correction with attention on 0.6526, the Dec 7 low and the next key support. A clear break of this support would open 0.6500, a Fibonacci retracement. Initial resistance is at 0.6629, the 50-day EMA.

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