Free Trial

Arrives At Its Channel Base And Key Support

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: 0.7264 @ 16:28 GMT Nov 18
  • SUP 1: 0.7252/50 Channel base drawn from Aug 20 low / intraday low
  • SUP 2: 0.7226 Low Oct 6
  • SUP 3: 0.7170 Low Sep 29
  • SUP 4: 0.7106 Low Aug 20 and a major support

The AUDUSD short-term outlook remains bearish. The pair has traded just below 0.7261, 76.4% of the Sep 29 - Oct 28 rally and more importantly 0.7252, the base of a bull channel drawn from the Aug 20 low. The recent move lower is considered corrective and the channel base represents an important short-term support. A channel breakout though would signal scope for a deeper retracement. Resistance to watch is 0.7371, Nov 15 high.

To read the full story

Close

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.