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Bearish Threat

AUDUSD TECHS
  • RES 4: 0.6682 Low Jul 14 and a recent breakout level
  • RES 3: 0.6656 High Sep 23
  • RES 2: 0.6600 Round number resistance
  • RES 1: 0.6517/47 50-day EMA / High Oct 4 and key resistance
  • PRICE: 0.6348 @ 06:57 GMT Nov 4
  • SUP 1: 0.6272 Low Nov 3
  • SUP 2: 0.6210/6170 Low Oct 21 / 13 and the bear trigger
  • SUP 3: 0.6133 1.382 proj of the Apr 5 - May 12 - Jun 3 price swing
  • SUP 4: 0.6099 76.4% retracement of the 2020 - 2021 bull cycle

AUDUSD traded lower again Thursday, extending the pullback from its recent high of 0.6522 on Oct 27. The move lower has undermined the recent bullish theme and attention turns to the key support at 0.6170, the Oct 13 low. This is the trigger for a resumption of the longer-term downtrend. On the upside, a recovery and break of 0.6522 is required to signal scope for a stronger corrective bull cycle.

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