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Key Resistance Exposed

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: 0.6536/47 High Nov 8 / 4 and a key resistance zone
  • PRICE: 0.6457 @ 15:51 GMT Nov 8
  • SUP 1: 0.6272 Low Nov 3
  • 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 into the Tuesday close and is holding on to its latest gains. This extends the strength seen since the Friday rally. The move higher suggests the recent pullback between Oct 27 - Nov 3 is over. Key short-term resistance is at 0.6522, the Oct 27 high and 0.6547, Oct 4 high. A breach of this resistance zone would strengthen the case for bulls. On the downside, a reversal lower and a break of Thursday’s 0.6272 low, would reinstate a bearish threat.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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