AUDUSD printed a lower low early Friday, putting prices through first support at 0.6856 to expose 0.6781. The broader uptrend remains intact for now, and the recent move lower highlights a correction that is allowing a recent overbought trend condition to unwind. Key resistance and the bull trigger have been defined at 0.7158, the Feb 2 high. A break would resume the uptrend.
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Chasing Direction, early session wing trade turned bearish briefly as underlying futures scaled off first half highs.
AUDUSD maintains a bullish theme and traded higher Wednesday before a moderation into the close. The pair has recently cleared 0.6893, the Dec 13 high and this confirmed a resumption of the uptrend that started Oct 13. The move higher maintains the bullish price sequence of higher highs and higher lows and note that moving average studies are in a bull mode position. The focus is on 0.7059 next, a Fibonacci projection. Key support lies at 0.6688, Jan 3 low.
Major indexes weaker, near session lows w/ Consumer Staples, Utilities and Financials sectors underperforming. Stocks reversed early gains after PNC and Charles Schwab each missed earning est this morning, weighing on financials. SPX eminis currently trades -44.75 (-1.12%) at 3964.75; DJIA -444.37 (-1.31%) at 33466.41; Nasdaq -84.9 (-0.8%) at 11010.67.