AUDUSD

Today
  • .7393* bull
  • .7371** bull
  • .7341 bull
  • .7314* bull
  • .7277 bull
  • .7168/67** bear
  • .7146* bear
  • .7126/17** bear
  • .7079*** bear
  • .7036 bear

Deeper setback, downside risks now

Day trade update and view

A Friday setback below .7203 support and to prod the December-January up trend line, to just hold the .7167 level at .7168, building on the mid-January setback and rejecting upside forces from the prior surge above .7272/78  resistance peaks to .7314, switching risks lower for Monday. 

Day trade setup

  • We see a downside bias for .7168/67 and .7146; a break here aims for .7126/17 and maybe .7079.
  • But above .7231 opens risk up to .7277 and possibly .7314.

Intermediate-term outlook

The early December push above key .7171/73 signalled an intermediate-term shift to a bull trend.

  • Upside risks: We see an intermediate-term bull trend to aim for 7371 and .7556.
  • What changes this? Below .7079 shifts the intermediate-term bull trend straight to an intermediate-term bear trend.