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Technical Analysis – AUDUSD bullish since December; consolidates recent gains

Written XM Research Department | 2018-01-10 05:53:00 GMT

The second bullish phase that started after the break above the 200-day moving average in December is still in progress and there are no signs of a reversal in the trend yet. The recent pullback from the January 5 high of 0.7874 saw AUDUSD move into a consolidation phase and there is scope for another push higher towards the major 0.7900 level.

Only a daily close below 0.7800 would indicate that a short-term top is in place at 0.7874. Strong support is expected at the 200-day MA which is converging with the key 0.7700 level. A move lower from here would turn the focus to the December 8 low at 0.7500.

Short-term price action looks soft for now. AUDUSD needs to regain upside momentum soon to rise above 0.7900, otherwise, downside risk will increase quickly.

AUDUSD

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XM Research Department
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