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AUDUSD TECHS

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Consolidating But Remains Bullish

AUDUSD TECHS
  • RES 4: 0.7414 High Sep 1
  • RES 3: 0.7376 3.0% 10-dma envelope
  • RES 2: 0.7345 High Sep 16
  • RES 1: 0.7340 High Nov 9
  • PRICE: 0.7308 @ 06:15 GMT Nov 11
  • SUP 1: 0.7239 Low Nov 6
  • SUP 2: 0.7145 Low Nov 5
  • SUP 3: 0.7094 Former trendline resistance drawn off the Sep 1 high
  • SUP 4: 0.7049 Low Nov 4

AUDUSD is consolidating but maintains a bullish tone. The pair rallied sharply higher last week reinforcing the significance of the recent trendline break drawn off the Sep 1 high. Gains on Nov 5 also resulted in a break of 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.

MNI London Bureau | +44 203-586-3805 | taso.anastasiou.ext@marketnews.com

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