AUDUSD TECHS: Trend Structure Remains Bearish
Feb-06 07:58
- 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: 0.6263 @ 07:57 GMT Feb 6
- 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 continues to trade above Monday’s low. Despite the latest bounce, the trend structure remains bearish. Monday’s 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 alter the picture.
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