November 12, 2024 08:04 GMT
AUDUSD TECHS: Bearish Structure
AUDUSD TECHS
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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.
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