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Bullish Following Recent Gains

  • RES 4: 0.7446 3.0% 10-dma envelope
  • RES 3: 0.7414 High Sep 1 and the key bull trigger
  • RES 2: 0.7345 High Sep 16
  • RES 1: 0.7340 High Nov 9
  • PRICE: 0.7322 @ 16:23 GMT Nov 16
  • SUP 1: 0.7193 20-day EMA
  • SUP 2: 0.7145 Low Nov 5
  • SUP 3: 0.7075 Former trendline resistance drawn off the Sep 1 high
  • SUP 4: 0.7049 Low Nov 4

AUDUSD continues to trade below recent highs but maintains a bullish tone. The rally off the Nov 2 low of 0.6991 resulted in a break of trendline resistance drawn off the Sep 1 high. Gains on Nov 5 also cleared 0.7243, Oct 9 high. With bullish conditions strengthened, scope is seen for a climb towards 0.7345 next, Sep 16 high. Initial firm support is seen at 0.7145. A break would undermine the current bullish outlook.

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