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AUDUSD: Watching The Key Support Handle

FOREX
  • RES 4: 0.7314 76.4% retracement of the Sep 1 - Nov 2 downleg
  • RES 3: 0.7252 61.8% retracement of the Sep 1 - Nov 2 downleg
  • RES 2: 0.7243 High Oct 10 and a key resistance
  • RES 1: 0.7222 Intraday high
  • PRICE: 0.7116 @ 10:48 GMT Nov 4
  • SUP 1: 0.7049 Intraday low
  • SUP 2: 0.6991 Low Nov 2
  • SUP 3: 0.6965 23.6% retracement of the Mar - Sep rally
  • SUP 4: 0.6931 0.764 proj of Sep 1 - 25 sell-off from Oct 9 high

AUDUSD traded firmer Tuesday but is trading in a volatile manner today. Yesterday the pair cleared its key short-term trendline resistance drawn off the Sep 1 high. This signals a potential reversal, exposing resistance at 0.7243, Oct 9 high. Clearance of this hurdle would strengthen bullish conditions. On the downside, key support lies at 0.6991, Nov 2 low. This is also the bear trigger, a break would resume recent bearish pressure.

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