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Bullish While Support Holds

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: 0.6551 High Nov 9
  • PRICE: 0.6416 @ 07:00 GMT Nov 10
  • SUP 1: 0.6272 Low Nov 3 and a key support
  • 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 higher Tuesday and has this week pierced the 50-day EMA, at 0.6510. A clear breach of this EMA would confirm a break of resistance at 0.6522, and 0.6547, the Oct 27 and Oct 4 highs respectively. This would strengthen a bullish condition and extend the bull cycle that started mid-October plus open 0.6600 and above. For bears, a stronger reversal lower and a break of 0.6272, Nov 3 low, would reinstate a bearish threat.

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