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Bull Channel Base Cleared

AUDUSD TECHS
  • RES 4: 0.7534/57 200-dma / 50.0% of the Feb - Aug sell-off
  • RES 3: 0.7432/7471 High Nov 9 / High Nov 4
  • RES 2: 0.7371 High Nov 15
  • RES 1: 0.7293 High Nov 18
  • PRICE: 0.7223 @ 16:49 GMT Nov 23
  • SUP 1: 0.7192 Low Oct 1
  • SUP 2: 0.7170 Low Sep 29
  • SUP 3: 0.7106 Low Aug 20 and a major support
  • SUP 4: 0.7049 Low Nov 4, 2020

AUDUSD remains soft. The pair has traded below the base of its bull channel drawn from the Aug 20 low. The breach of this area of support at 0.7259 reinforces bearish conditions and signals scope for a deeper short-term pullback. The move lower has opened 0.7170, Sep 29 low where a break would expose 0.7106 further out, Aug 20 low. Resistance to watch is at 0.7371, Nov 15 high.

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