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Key Support Holds

AUDUSD TECHS
  • RES 4: 0.7282 Former channel base
  • RES 3: 0.7194 20-day EMA
  • RES 2: 0.7173 High Dec 1
  • RES 1: 0.7099 High Dec 3
  • PRICE: 0.7086 @ 06:48 GMT Dec 7
  • SUP 1: 0.6991 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

AUDUSD recoveredMonday’s to narrow the gap with Friday highs at 0.7099. Trend conditions remain bearish following recent weakness and a bear channel breakout. The channel was drawn from the Aug 20 low. A key support at 0.6991, Nov 2 2020 low, however remains intact and a break is required to strengthen bearish conditions. Clearance of Friday’s high would suggest scope for a stronger correction and open 0.7194, the 20-day EMA.

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