HomeContributorsTechnical AnalysisAUDUSD – Correction Was So Far Contained By Rising 10SMA But Downside...

AUDUSD – Correction Was So Far Contained By Rising 10SMA But Downside Remains At Risk

Pullback from fresh highs at 0.7694 found footstep at 0.7600 support zone, where rising 10SMA contained pullback for now.

Correction should ideally end here to keep intact larger bull-channel from 0.7163 (02 Jan low), for fresh extension higher.

However, slow stochastic that reversed from overbought territory shows more room at the downside.

Extended correction would face rising 20SMA (currently at 0.7570) that offers significant support and guards lower breakpoints at 0.7510/89 zone (former consolidation floor / 100/200 SMA’s / Fibo 38.2% of 0.7159/0.7694 ascend.

Weak near-term studies keep the downside at risk, with stronger bounce above 0.7660, needed to sideline n/t bears and re-focus initial barriers at 0.7694.

Res: 0.7640, 0.7660, 0.7694, 0.7730
Sup: 0.7604, 0.7570, 0.7510, 0.7489

Windsor Brokers Ltd
Windsor Brokers Ltdhttp://www.windsorbrokers.com/
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