Free Trial

Bearish Theme Following Break Of Support

AUSSIE TECHS
  • RES 4: 0.7243 High Oct 10 and a key resistance
  • RES 3: 0.7218 High Oct 13
  • RES 2: 0.7138/58 Trendline drawn off the Sep 1 high / High Oct 23
  • RES 1: 0.7076 High Oct 29
  • PRICE: 0.7042 @ 16:49 GMT Nov 2
  • SUP 1: 0.6991 Low Nov 2
  • SUP 2: 0.6965 23.6% retracement of the Mar - Sep rally
  • SUP 3: 0.6943 2.0% 10-dma envelope
  • SUP 4: 0.6921 Low Jul 14

AUDUSD outlook is bearish. The pair has pulled further away from trendline resistance drawn off the Sep 1 high and importantly has today traded below 0.7000, signalling a clear breach of former support at 0.7006, Sep 25 low and 0.7002, Oct 29 low. The break lower has opened 0.6965 next, a Fibonacci retracement. On the upside, trendline resistance intersects at 0.7138 where a break is required to reverse the trend.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.