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Bullish Trend Structure

AUDUSD TECHS
  • RES 4: 0.6739 High Jul 31
  • RES 3: 0.6723 High Aug 1
  • RES 2: 0.6670 3.0% 10-dma env / 61.8% of Jul 13 - Oct 26 bear leg
  • RES 1: 0.6589/6616 High Nov 21 / High Oct 8
  • PRICE: 0.6561 @ 16:50 GMT Nov 23
  • SUP 1: 0.6453 Low Nov 17
  • SUP 2: 0.6436/6339 50-day EMA / Low Nov 10
  • SUP 3: 0.6315 Low Oct 31
  • SUP 4: 0.6270 Low Oct 26 nand the bear trigger

The trend needle in AUDUSD continues to point north and this week’s gains reinforce the bullish theme. The latest rally has resulted in a clear break of former resistance at 0.6522, the Aug 30 and Sep 1 high. The breach is an important short-term bullish development and signals scope for a continuation higher near-term towards 0.6616 next, the Oct 8 high. On the downside, initial firm support is at 0.6436, the 50-day EMA.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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