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Bear Flag Formation *RES 4: 0.6936.....>

AUSSIE TECHS
AUSSIE TECHS: Bear Flag Formation
*RES 4: 0.6936 200-DMA
*RES 3: 0.6930 High Oct 31 and bull trigger
*RES 2: 0.6906 High Nov 8
*RES 1: 0.6841/51 High Nov 14 / Former trendline support
*PRICE: 0.6815 @ 05:55 GMT Nov 20
*SUP 1: 0.6770 61.8% of Oct 2 - Oct 31 rally / Intraday low
*SUP 1: 0.6752 Low Oct 17
*SUP 3: 0.6732 76.4% retracement of Oct 2 - Oct 31 rally
*SUP 4: 0.6724 Low Oct 16
AUDUSD S/T downside risk remains following last weeks break of trendline support
at 0.6830, drawn off the Oct 2 low. The breach represents a S/T bearish
development with momentum studies pointing south and recent price action also
taking on the appearance of a bear flag formation. 0.6770 has been achieved,
61.8% of the rally between Oct 2 and Oct 31. The 76.4% level is at 0.6732.
Resistance at 0.6841 needs to be cleared to offset the bearish threat.

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