AUDUSD TECHS: Clears Key Resistance
- RES 4: 0.7137 High Aug 11
- RES 3: 0.7059 2.236 proj of the Oct 13 - 27 - Nov 3 price swing
- RES 2: 0.7009 High Aug 26
- RES 1: 0.6976 2.00 proj of the Oct 13 - 27 - Nov 3 price swing
- PRICE: 0.6945 @ 16:04 GMT Jan 9
- SUP 1: 0.6871 Intraday low
- SUP 2: 0.6760 20-day EMA
- SUP 3: 0.6688 Low Jan 3 and key support
- SUP 4: 0.6650 Low Dec 22
AUDUSD traded higher Monday, extending Friday’s rally. The pair has cleared key resistance at 0.6893, Dec 13 high and this confirms a resumption of the uptrend that started on Oct 13. The break higher maintains the bullish price sequence of higher highs and higher lows and moving average studies remain in a bull mode position. Gains open 0.6976 next, a Fibonacci projection. Key short-term support has been defined at 0.6688, the Jan 3 low.
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AUSSIE 10-YEAR TECHS: (Z2) Bullish Extension
- RES 3: 97.185 - High Apr 5
- RES 2: 97.040 - Aug 03
- RES 1: 96.760 - High Aug 16
- PRICE: 96.672 @ 14:43 GMT Dec 9
- SUP 1: 95.930/675 - Low Nov 8 / Low Oct 21
- SUP 2: 95.670 - Low Jun 17
- SUP 3: 95.590 - Low Dec 2013 and a key medium-term support
Aussie 10yr futures continue to climb. A key short-term resistance at 96.355, Oct 6 high, has been breached. This strengthens a short-term bullish position and the latest follow through reinforces this theme. Recent gains also highlight a positive price sequence of higher highs and higher lows, signalling scope for an extension. The 200-day EMA has been cleared, opening 96.760, Aug 16 high. Key support is 95.670, Jun 17 low (cont).
USDCAD TECHS: Bullish Above Trendline Resistance
- RES 4: 1.3855 High Oct 21 - Nov 16 bear leg
- RES 3: 1.3808 High Nov 3 and a key resistance
- RES 2: 1.3751 High Nov 4
- RES 1: 1.3700 High Dec 7
- PRICE: 1.3625 @ 16:19 GMT Dec 9
- SUP 1: 1.3515/3385 Former trendline resistance / Low Dec 5
- SUP 2: 1.3317/3226 Low Nov 24/25 / Low Nov 15 and bear trigger
- SUP 3: 1.3205 61.8% retracement of the Aug 11 - Oct 13 rally
- SUP 4: 1.3139 Low Sep 14
USDCAD recouped a small part of the recent losses ahead of the Friday close, firming the view that the recent move lower appears corrective in nature. This keeps the bullish outlook intact for now. This week’s gains have resulted in a break of trendline resistance drawn from the Oct-13 high. The trendline intersects at 1.3515. Attention is on 1.3751 next, the Nov 4 high and 1.3808, the Nov 3 high. The latter is a key resistance and a break would strengthen bullish conditions.
AUDUSD TECHS: Approaching The Bull Trigger
- RES 4: 0.6976 2.00 proj of the Oct 13 - 27 - Nov 3 price swing
- RES 3: 0.6956 High Aug 30
- RES 2: 0.6909 76.4% retracement of the Aug 11 - Oct 13 downleg
- RES 1: 0.6851 High Dec 5 and the bull trigger
- PRICE: 0.6804 @ 16:18 GMT Dec 9
- SUP 1: 0.6669 Low Dec 7
- SUP 2: 0.6629/6585 50-day EMA / Low Nov 21
- SUP 3: 0.6387 Low Nov 10
- SUP 4: 0.6272 Low Nov 3 and a key support
The AUDUSD trend condition is bullish and the recent move lower appears to be a correction. Price remains above key support at 0.6629, the 50-day EMA. A clear break of this average would be seen as a bearish development and signal scope for a deeper retracement. 0.6851, the Dec 5 high is the bull trigger. A break would confirm a resumption of the uptrend and open 0.6909, a Fibonacci retracement.
