The AUDUSD pair has broken its downward sloping trend line from the last ten days, after testing support at 0.77600. Resistance is now found at 0.78430 and 0.78566. The 50-period MA in the 4-hour timeframe is located at 0.78849, with the 200-period MA at 0.78932 close to resistance at 0.78960 and the 0.79000 level. The resistance in this zone is staged and tightly packed across a 75-pip range, with the 100-period MA capping the area at 0.79186. Above this is the 0.79550 level and the 0.80000 area up to 0.80347, followed by the highs at 0.81352. Support comes in at 0.78042 and 0.77771. The price action over the last 24 trading hours has formed a small bear flag, with its bottom line at 0.77900 currently. A breakdown of the flag can target the 0.75000 with intermediate support along the way at 0.76950 and 0.76329. EURUSD This pair has provided excellent opportunities recently and traded very technically using its moving averages and trend lines. The Supporting red trend line was broken on Monday 5th of January, leading to a drop back under 1.24000 after reaching a high of 1.25372. It is unclear if the Blue bull flag will still hold after the failure of its breakout but the most recent test on its supporting bottom trend line held convincingly, aided by the 200-period MA on the 8th of February. This line currently stands at 1.21800, with the 200-MA at 1.22168. Below them is the low of the 18th of January at 0.21640, a loss of which creates a lower low and targets supports at 1.2111 and 1.20809. The 1.20250 level provides support ahead of 1.20000. Resistance is found at 1.22960, which has been tested numerous times on the chart due to its proximity to 1.23000. The 100 and 50-period MAs are located either side of the 1.23223 level, with the resistance of the trend line overhead at 1.23525. A break back above this trend line targets 1.24593 and the recent high.
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