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AUDUSD TECHS: Trend Needle Points South

AUDUSD TECHS
USForeign Exchange Technical AnalysisAPACAustraliaBulletMarketsForeign Exchange BulletsNorth America
  • RES 4: 0.6762 High Oct 9   
  • RES 3: 0.6733 High Oct 13             
  • RES 2: 0.6608/88 50-day EMA / High Nov 7 and a reversal trigger  
  • RES 1: 0.6538/50 20-day EMA / High Nov 25
  • PRICE: 0.6483 @ 07:56 GMT Nov 28
  • SUP 1: 0.6434 Low Nov 26
  • SUP 3: 0.6400 Round number support 
  • SUP 3: 0.6350 Low Aug 5 and a key support  
  • SUP 4: 0.6339 Low Nov 10 2023

A bearish theme in AUDUSD remains intact. The break to a fresh cycle low on Tuesday marks an extension of the current price sequence of lower lows and lower highs. Note too that moving average studies are in a bear-mode position, highlighting a dominant downtrend. Scope is seen for a move towards 0.6350, the Aug 5 low and the next key support. Initial firm resistance to watch is 0.6538, the 20-day EMA.

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  • RES 4: 0.6762 High Oct 9   
  • RES 3: 0.6733 High Oct 13             
  • RES 2: 0.6608/88 50-day EMA / High Nov 7 and a reversal trigger  
  • RES 1: 0.6538/50 20-day EMA / High Nov 25
  • PRICE: 0.6483 @ 07:56 GMT Nov 28
  • SUP 1: 0.6434 Low Nov 26
  • SUP 3: 0.6400 Round number support 
  • SUP 3: 0.6350 Low Aug 5 and a key support  
  • SUP 4: 0.6339 Low Nov 10 2023

A bearish theme in AUDUSD remains intact. The break to a fresh cycle low on Tuesday marks an extension of the current price sequence of lower lows and lower highs. Note too that moving average studies are in a bear-mode position, highlighting a dominant downtrend. Scope is seen for a move towards 0.6350, the Aug 5 low and the next key support. Initial firm resistance to watch is 0.6538, the 20-day EMA.