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AUDUSD TECHS: Bearish Structure

AUDUSD TECHS
USForeign Exchange Technical AnalysisGlobalAPACAustraliaBulletMarketsForeign Exchange BulletsRegionNorth America
  • RES 4: 0.6841 76.4% retracement of the Sep 30 - Nov 6 bear leg    
  • RES 3: 0.6762 High Oct 9            
  • RES 2: 0.6727 50.0% retracement of the Sep 30 - Nov 6 bear leg  
  • RES 1: 0.6676/88 50-day EMA / High Nov 7
  • PRICE: 0.6550 @ 08:04 GMT Nov 12
  • SUP 1: 0.6513 Low Nov 6 and the bear trigger 
  • SUP 2: 0.6508 Low Aug 8
  • SUP 3: 0.6490 76.4% retracement of the Aug 5 - Sep 30 bull leg
  • SUP 4: 0.6472 Low Aug 6 

A bear cycle in AUDUSD remains intact and recent gains appear to have been a correction. Last Wednesday’s sell-off resulted in a breach of 0.6537, the Oct 30 low and bear trigger, highlighting a resumption of the downtrend. This week’s move down reinforces the bearish theme. Sights are on 0.6490, a Fibonacci retracement point. Firm resistance is at 0.6676, the 50-day EMA (pierced). A clear break of it would highlight a possible reversal.

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  • RES 4: 0.6841 76.4% retracement of the Sep 30 - Nov 6 bear leg    
  • RES 3: 0.6762 High Oct 9            
  • RES 2: 0.6727 50.0% retracement of the Sep 30 - Nov 6 bear leg  
  • RES 1: 0.6676/88 50-day EMA / High Nov 7
  • PRICE: 0.6550 @ 08:04 GMT Nov 12
  • SUP 1: 0.6513 Low Nov 6 and the bear trigger 
  • SUP 2: 0.6508 Low Aug 8
  • SUP 3: 0.6490 76.4% retracement of the Aug 5 - Sep 30 bull leg
  • SUP 4: 0.6472 Low Aug 6 

A bear cycle in AUDUSD remains intact and recent gains appear to have been a correction. Last Wednesday’s sell-off resulted in a breach of 0.6537, the Oct 30 low and bear trigger, highlighting a resumption of the downtrend. This week’s move down reinforces the bearish theme. Sights are on 0.6490, a Fibonacci retracement point. Firm resistance is at 0.6676, the 50-day EMA (pierced). A clear break of it would highlight a possible reversal.