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Consolidating Near Recent Highs

  • RES 4: 0.7341 61.8% retracement of the Oct 28 - Dec 3 downleg
  • RES 3: 0.7289 Former channel base drawn from the Aug 20 low
  • RES 2: 0.7209 High Nov 25
  • RES 1: 0.7182/87 20-day EMA / High Dec 9
  • PRICE: 0.7151 @ 06:41 GMT Dec 10
  • SUP 1: 0.7115/7040 Low Dec 8 / Low Dec 7
  • SUP 2: 0.6993/91 Low Dec 3 / Low Nov 2 2020 and a key support
  • SUP 3: 0.6963 Low Jul 16 2020
  • SUP 4: 0.6921 Low Jul 14 2020

AUDUSD is holding onto this week’s gains. The pair has tested the 20-day EMA that intersects at 0.7182. A clear breach of this average would strengthen the current bull phase and expose 0.7289, the base of the bull channel drawn from the Aug 20 low. The channel base was breached on Nov 19. For bears, a reversal lower would refocus attention on 0.6991, Nov 2 low and the bear trigger.

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