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AUDUSD TECHS: Support Remains Intact
- RES 4: 0.6872 38.2% retracement of the 2021 - 2025 L/T downtrend
- RES 3: 0.6858 1.000 proj of the Nov 21 - Dec 10 - 18 price swing
- RES 2: 0.6795 0.764 proj of the Nov 21 - Dec 10 - 18 price swing
- RES 1: 0.6767 High Jan 7 and the bull trigger
- PRICE: 0.6715 @ 17:50 GMT Jan 19
- SUP 1: 0.6664 Low Jan 9
- SUP 2: 0.6639 50-day EMA
- SUP 3: 0.6593 Low Dec 18
- SUP 4: 0.6553 Low Dec 3
Weakness off the Jan 14th high in AUDUSD still appears corrective. Note that moving average studies remain in a bull-mode position and this continues to highlight a dominant uptrend. The next key support to watch lies at 0.6639, the 50-day EMA. A clear breach of the average would suggest potential for a deeper retracement. For bulls, a resumption of the uptrend would open 0.6795 next, a Fibonacci projection.
AUDUSD TECHS: Support Remains Intact
- RES 4: 0.6872 38.2% retracement of the 2021 - 2025 L/T downtrend
- RES 3: 0.6858 1.000 proj of the Nov 21 - Dec 10 - 18 price swing
- RES 2: 0.6795 0.764 proj of the Nov 21 - Dec 10 - 18 price swing
- RES 1: 0.6767 High Jan 7 and the bull trigger
- PRICE: 0.6715 @ 17:50 GMT Jan 19
- SUP 1: 0.6664 Low Jan 9
- SUP 2: 0.6639 50-day EMA
- SUP 3: 0.6593 Low Dec 18
- SUP 4: 0.6553 Low Dec 3
Weakness off the Jan 14th high in AUDUSD still appears corrective. Note that moving average studies remain in a bull-mode position and this continues to highlight a dominant uptrend. The next key support to watch lies at 0.6639, the 50-day EMA. A clear breach of the average would suggest potential for a deeper retracement. For bulls, a resumption of the uptrend would open 0.6795 next, a Fibonacci projection.
USDJPY TECHS: Corrective Pullback
- RES 4: 160.21 2.236 proj of the Dec 5 - 9 - 16 price swing
- RES 3: 160.00 3.000 proj of the Sep 17 - 26 - Oct 1 price swing
- RES 2: 159.60 2.000 proj of the Dec 5 - 9 - 16 price swing
- RES 1: 159.45 Jan 14 cycle high
- PRICE: 158.05 @ 17:38 GMT Jan 19
- SUP 1: 157.28/155.92 20- and 50-day EMA values
- SUP 2: 154.35 Low Dec 5 and a reversal trigger
- SUP 3: 153.62 Low Nov 14
- SUP 4: 152.82 Low Nov 7
The trend in USDJPY remains bullish and the latest move down is considered corrective. Recent gains resulted in a breach of resistance at 157.89, the Nov 20 high. This maintains the price sequence of higher highs and higher lows. Note that moving average studies are in a bull-mode position, highlighting a dominant uptrend. Sights are on the 160.00 handle next, a Fibonacci projection. Key support to watch is 155.92, the 50-day EMA.
