Free Trial

Trend Support Remains Intact

AUDUSD TECHS
  • RES 4: 0.6921 High Feb 20
  • RES 3: 0.6900 High Jun 16 and a key resistance
  • RES 2: 0.6871 High Dec 28 and the bull trigger
  • RES 1: 0.6771 High Jan 3
  • PRICE: 0.6718 @ 07:52 GMT Jan 11
  • SUP 1: 0.6641 Low Jan 05
  • SUP 2: 0.6615 Trendline support drawn from the Oct 26 low
  • SUP 3: 0.6571 50.0% Fibonacci retracement for Oct - Dec Upleg
  • SUP 4: 0.6526 Low Dec 7 and key support

AUDUSD remains in consolidation mode and the pair is trading closer to recent lows. The recent move lower appears to be a correction and the medium-term trend direction remains up. Moving average studies highlight an uptrend and trendline support - at 0.6615 - drawn from the late October low, remains intact. The trendline represents an important support. On the upside key resistance is unchanged at 0.6871, the Dec 28 high.

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.