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USDCAD TECHS: Trend Structure Remains Bearish

USDCAD TECHS
USForeign Exchange Technical AnalysisCanadaAPACAustraliaBulletMarketsForeign Exchange BulletsNorth America
  • RES 4: 0.6441 38.2% retracement of the Sep 30 - Jan 13 downleg  
  • RES 3: 0.6429 High Dec 12               
  • RES 2: 0.6384 High Dec 13  
  • RES 1: 0.6314/31 50-day EMA / High Jan 24
  • PRICE: 0.6240 @ 17:00 GMT Jan 31 
  • SUP 1: 0.6199 Low Jan 30     
  • SUP 3: 0.6165/31 Low Jan 17 / 13 and the bear trigger
  • SUP 3: 0.6100 Round number support
  • SUP 4: 0.6045 1.500 proj of the Sep 30 - Nov 6 - 7 price swing

The medium-term trend condition in AUDUSD remains bearish and the pair is trading below the 50-day EMA, at 0.6314. The reversal lower from the Jan 24 high suggests the possible end of the correction between Jan 13 - 24. A continuation lower would open 0.6131, the Jan 13 low and the bear trigger. On the upside, a clear breach of the 50-day average is required to signal scope for a stronger corrective recovery.  

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  • RES 4: 0.6441 38.2% retracement of the Sep 30 - Jan 13 downleg  
  • RES 3: 0.6429 High Dec 12               
  • RES 2: 0.6384 High Dec 13  
  • RES 1: 0.6314/31 50-day EMA / High Jan 24
  • PRICE: 0.6240 @ 17:00 GMT Jan 31 
  • SUP 1: 0.6199 Low Jan 30     
  • SUP 3: 0.6165/31 Low Jan 17 / 13 and the bear trigger
  • SUP 3: 0.6100 Round number support
  • SUP 4: 0.6045 1.500 proj of the Sep 30 - Nov 6 - 7 price swing

The medium-term trend condition in AUDUSD remains bearish and the pair is trading below the 50-day EMA, at 0.6314. The reversal lower from the Jan 24 high suggests the possible end of the correction between Jan 13 - 24. A continuation lower would open 0.6131, the Jan 13 low and the bear trigger. On the upside, a clear breach of the 50-day average is required to signal scope for a stronger corrective recovery.