AUDUSD TECHS: Monitoring Resistance
- RES 4: 0.6429 High Dec 12
- RES 3: 0.6384 High Dec 13
- RES 2: 0.6331 High Jan 24 and a key resistance
- RES 1: 0.6304 50-day EMA
- PRICE: 0.6289 @ 08:04 GMT Feb 7
- SUP 1: 0.6171/6088 Low Feb 4 / 3
- SUP 3: 0.6045 1.500 proj of the Sep 30 - Nov 6 - 7 price swing
- SUP 3: 0.6000 Round number support
- SUP 4: 0.5931 1.764 proj of the Sep 30 - Nov 6 - 7 price swing
AUDUSD remains Monday’s intraday low. Despite the latest bounce, the trend structure remains bearish. The Feb 3 fresh cycle low confirmed a continuation of the downtrend and maintains the price sequence of lower lows and lower highs. A resumption of the bear leg would open 0.6045, a Fibonacci projection. Key resistance is at 0.6304, the 50-day EMA, and 0.6331, the Jan 24. A clear break of both levels would be bullish.
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AUDUSD TECHS: Resistance Remains Intact
- RES 4: 0.6471 High Dec 9
- RES 3: 0.6388 50-day EMA
- RES 2: 0.6341 High Dec 18
- RES 1: 0.6269/0.6302 20-day EMA / High Jan 6
- PRICE: 0.6227 @ 08:00 GMT Jan 8
- SUP 1: 0.6179 Low Dec 31
- SUP 3: 0.6158 1.236 proj of the Sep 30 - Nov 6 - 7 price swing
- SUP 3: 0.6100 Round number support
- SUP 4: 0.6045 1.500 proj of the Sep 30 - Nov 6 - 7 price swing
A bearish trend condition in AUDUSD remains intact and the pair has pulled back from Monday’s high. Recent weakness maintains the price sequence of lower lows and lower highs. Note that MA studies are in a bear-mode position too, highlighting a dominant downtrend. Scope is seen for an extension towards 0.6158 next, a Fibonacci projection. Initial firm resistance to monitor is 0.6269, 20-day EMA. It has been pierced. The 50-day EMA is at 0.6388.
STIR: SFRZ6/U7 Lifted
SFRZ6/U7 paper paid 6.5 on ~6.3K, initially taken bid over with a further ~3.2K trading since. Market left 6.0/6.5 last.
GILTS: Opening calls
Gilt Opening calls, 91.43/91.45.
