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Free AccessAnother Failed Break AUDUSD remains....>
AUSSIE TECHS: Another Failed Break
AUDUSD remains locked in a downtrend and a move up to 0.7100 yesterday was faded
as London traders began their day. The Oct 8 low at 0.7041 continues to hold but
is coming under pressure, and below here would see AUDUSD trading at its lowest
level since early 2016 as the 0.70 level comes into play. A break below 0.70
would likely accelerate the broader downside move, opening channel base support
& Jan 26 2016 low at 0.6920/19. Bulls need to recover the Oct 17 high at 0.7160
to improve the outlook and target 0.7200 and the bear channel top.
To read the full story
Sign up now for free trial access to this content.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.