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Maintains A Bearish Theme

AUSSIE TECHS
  • RES 4: 0.7243 High Oct 10 and a key resistance
  • RES 3: 0.7218 High Oct 13
  • RES 2: 0.7132/58 Trendline drawn off the Sep 1 high / High Oct 23
  • RES 1: 0.7076 High Oct 29
  • PRICE: 0.7039 @ 06:12 GMT Nov 3
  • SUP 1: 0.6991 Low Nov 2
  • SUP 2: 0.6965 23.6% retracement of the Mar - Sep rally
  • SUP 3: 0.6941 2.0% 10-dma envelope
  • SUP 4: 0.6921 Low Jul 14

AUDUSD maintains a bearish theme. The pair has recently pulled away from trendline resistance drawn off the Sep 1 high and importantly has yesterday traded below 0.7000, signalling a clear breach of former support at 0.7006, Sep 25 low and 0.7002, Oct 29 low. The break lower has opened 0.6965 next, a Fibonacci retracement. On the upside, trendline resistance intersects at 0.7132 where a break is required to reverse the trend.

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