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Approaching Support At Its Channel Base

AUDUSD TECHS
  • RES 4: 0.7599 High Jul 6
  • RES 3: 0.7541/57 200-dma / 50.0% of the Feb - Aug sell-off
  • RES 2: 0.7432/7471 High Nov 9 / High Nov 4
  • RES 1: 0.7371 High Nov 15
  • PRICE: 0.7273 @ 16:59 GMT Nov 17
  • SUP 1: 0.7261 76.4% retracement of the Sep 29 - Oct 28 rally
  • SUP 2: 0.7250 Bull channel base drawn from the Aug 20 low
  • SUP 3: 0.7226 Low Oct 6
  • SUP 4: 0.7170 Low Sep 29

The AUDUSD short-term outlook remains bearish. The pair has traded just short of 0.7261, a Fibonacci retracement. A firm support lies just below, at 0.7250, the base of a bull channel drawn from the Aug 20 low. The recent move lower is considered corrective. A channel breakout though would alter the picture. Resistance to watch is 0.7371, Nov 15 high. A break would ease bearish pressure.

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