Free Trial

Corrective Bounce Extends

AUDUSD TECHS
  • RES 4: 0.7284 Former channel base drawn from the Aug 20 low
  • RES 3: 0.7209 High Nov 25
  • RES 2: 0.7187 20-day EMA
  • RES 1: 0.7170 High Dec 8
  • PRICE: 0.7167 @ 16:35 GMT Dec 8
  • SUP 1: 0.7040/6991 Low Dec 7 / Low Nov 2 2020 and a key support
  • SUP 2: 0.6963 Low Jul 16 2020
  • SUP 3: 0.6921 Low Jul 14 2020
  • SUP 4: 0.6759 50% 2020 - 2021 Rally

This week’s bounce in AUDUSD has extended and the pair is back above the 0.7100 handle. The move higher signals scope for a climb towards 0.7187, the 20-day EMA. A clear breach of this average would strengthen the current bull phase. The broader trend condition is bearish though. A reversal lower would refocus attention on 0.6991, Nov 2 low and the bear trigger. Clearance of this level would confirm a resumption of the downtrend.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.