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Forex Update: AUDUSD holds trend but resistance stands in the way

January 5, 2022
by Joseph Jeffriess, Market Analyst

Hi traders Happy New Year! Today’s we’re looking at the AUDUSD as buyers look to be moving back to resistance that’s so far has held the current trend back from new higher highs.

Since the last LL set in early December 2021, we have seen a series of new HLs and HHs creating the current fightback trend. We saw a shockwave session on the third that looked like it could derail the trend but for the last two sessions, buyers have come back into the market.

The area of concern sits at 7275 down to 7260. This area not only has developed into supply but it also has a resistance that runs back to November 2021. For the current trend to continue we want to see buyers break above this level and hold a close to show that a new HH has been formed and the pattern of trend continues.

AUDUSD D1 Chart

All times are AEDT.