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Attention Is On The Bull Channel Base

AUDUSD TECHS
  • RES 4: 0.7599 High Jul 6
  • RES 3: 0.7544/57 200-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: 0.7338 @ 06:49 GMT Nov 16
  • SUP 1: 0.7277 Low Nov 12
  • SUP 2: 0.7261 76.4% retracement of the Sep 29 - Oct 28 rally
  • SUP 3: 0.7248 Bull channel base drawn from the Aug 20 low
  • SUP 4: 0.7226/7170 Low Oct 6 / Low Sep 29

The AUDUSD short-term outlook remains bearish despite the recent bounce. Recent weakness has opened 0.7261, a Fibonacci retracement. A firm support lies just below, at 0.7248, 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 0.7432, Nov 9 high. A break would ease bearish pressure.

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