AUDUSD succeeded to recoil from session lows
2/22/2018 3:16:26 PM
The AUDUSD pair succeeded to recoil around 18-pips from session lows and broke below 120-day EMA support, near the 0.7823- 35area.
Any additional decline is probable to find immediate support near the 0.7773-77 area, which if broken might turn the pair at risk to speed up the reduction towards 0.7720 intermediate support on the way 0.7711 handle.
On the upside, any significant recovery effort is probable to provoke fresh supply near the 0.7820-23 area, above which a fresh bout of short-covering could boost the pair more towards 0.7866 supply zone.
FOREX market analysis by FxErvin.