Free Trial

Downtrend Accelerates

AUDUSD TECHS
  • RES 4: 0.7371 High Nov 15
  • RES 3: 0.7209/7275 20-day EMA / Former channel base
  • RES 2: 0.7173/7198 High Dec 1 / High Nov 26
  • RES 1: 0.7099 High Dec 3
  • PRICE: 0.7017 @ 06:47 GMT Dec 6
  • SUP 1: 0.6991 Low Nov 2 2020
  • SUP 2: 0.6963 Low Jul 16 2020
  • SUP 3: 0.6921 Low Jul 14 2020
  • SUP 4: 0.6759 50% 2020 - 2021 Rally

AUDUSD came under considerable pressure Friday and closed near session lows. The sharp sell-off reinforces bearish conditions and has exposed support at 0.6991, the Nov 2 2020 low and an important support handle. Weakness through here would accelerate the current solid bearish theme, opening 0.6759 - the 50% retracement of the 2020-2021 range - as the medium-term target. Initial resistance is at Friday’s 0.7099 high.

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.