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MNI DAILY TECHNICAL ANALYSIS - AUD Trend Remains Bearish

Story

Price Signal Summary – AUD Trend Condition Remains Bearish

  • The S&P E-Minis contract maintains a bullish tone and short-term pullbacks are considered corrective. Recent gains confirm a resumption of the uptrend and signal scope for a continuation near-term. Eurostoxx 50 futures maintain a firmer tone following recent gains. The move higher undermines a recent bearish theme. Price has traded through the 50-day EMA, at 4878.04.
  • EURUSD continues to trade below last Friday’s 1.0630 high. A resistance around 1.0579, the 20-day EMA, remains intact. A close above this average would highlight a clear breach of it and signal scope for a stronger corrective recovery. EURGBP is trading just above its recent lows and ahead of a key short-term support at 0.8260, the Nov 11 low. Attention remains on a bullish engulfing candle pattern on Nov 12, that highlights a possible reversal. The trend condition in AUDUSD remains bearish and price is trading just above last week’s cycle low. The latest move down has once again confirmed a resumption of the downtrend. Moving average studies are in a bear-mode position too.
  • Gold traded higher Monday. The long-term trend condition remains bullish and the Oct 31 - Nov 14 bear leg appears to have been a correction. Moving average studies are in a bull-mode position, highlighting a dominant uptrend. A bearish threat in WTI futures remains present and the contract is trading closer to its recent lows. A continuation of the bear cycle would open $65.74, the Oct 1 low, and $63.90, the Sep 10 low and key support.
  • A bull cycle in Bund futures remains intact and the latest pullback is considered corrective. A move down is allowing a recent overbought trend condition to unwind. For bulls, price has recently traded through 136.37, the 76.4% retracement of the Oct 1 - Nov 6 bear leg. A bullish corrective cycle in Gilt futures remains in play and the contract is trading closer to its recent highs. Sights are on 96.67 next, a Fibonacci projection point. On the downside, a stronger reversal lower would refocus attention on the initial key support.

FOREIGN EXCHANGE    

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Price Signal Summary – AUD Trend Condition Remains Bearish

  • The S&P E-Minis contract maintains a bullish tone and short-term pullbacks are considered corrective. Recent gains confirm a resumption of the uptrend and signal scope for a continuation near-term. Eurostoxx 50 futures maintain a firmer tone following recent gains. The move higher undermines a recent bearish theme. Price has traded through the 50-day EMA, at 4878.04.
  • EURUSD continues to trade below last Friday’s 1.0630 high. A resistance around 1.0579, the 20-day EMA, remains intact. A close above this average would highlight a clear breach of it and signal scope for a stronger corrective recovery. EURGBP is trading just above its recent lows and ahead of a key short-term support at 0.8260, the Nov 11 low. Attention remains on a bullish engulfing candle pattern on Nov 12, that highlights a possible reversal. The trend condition in AUDUSD remains bearish and price is trading just above last week’s cycle low. The latest move down has once again confirmed a resumption of the downtrend. Moving average studies are in a bear-mode position too.
  • Gold traded higher Monday. The long-term trend condition remains bullish and the Oct 31 - Nov 14 bear leg appears to have been a correction. Moving average studies are in a bull-mode position, highlighting a dominant uptrend. A bearish threat in WTI futures remains present and the contract is trading closer to its recent lows. A continuation of the bear cycle would open $65.74, the Oct 1 low, and $63.90, the Sep 10 low and key support.
  • A bull cycle in Bund futures remains intact and the latest pullback is considered corrective. A move down is allowing a recent overbought trend condition to unwind. For bulls, price has recently traded through 136.37, the 76.4% retracement of the Oct 1 - Nov 6 bear leg. A bullish corrective cycle in Gilt futures remains in play and the contract is trading closer to its recent highs. Sights are on 96.67 next, a Fibonacci projection point. On the downside, a stronger reversal lower would refocus attention on the initial key support.

FOREIGN EXCHANGE    

Keep reading...Show less