Free Trial

Trend Structure Remains Bullish

AUDUSD TECHS
  • RES 4: 0.6821 High Jul 27
  • RES 3: 0.6747 76.4% retracement of the Jul 13 - Oct 26 bear leg
  • RES 2: 0.6734 2.0% 10-dma envelope
  • RES 1: 0.6623/91 High Dec 5 / 4 and the bull trigger
  • PRICE: 0.6555 @ 17:30 GMT Dec 12
  • SUP 1: 0.6556/26 20-day EMA / Low Dec 07
  • SUP 2: 0.6501 50-day EMA
  • SUP 3: 0.6453 Low Nov 17
  • SUP 4: 0.6360 Low Nov 14

The uptrend in AUDUSD remains intact and the latest pullback appears to be a correction. Support at the 20-day EMA, at 0.6556, has been pierced. A clear break of the average would expose 0.6501, the 50-day EMA. Moving average studies remain in a bull-mode set-up, highlighting an uptrend. The bull trigger has been defined at 0.6691, the Dec 4 high. Clearance of this level would confirm a resumption of the uptrend.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.