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Pierces Resistance

AUDUSD TECHS
  • RES 4: 0.6656 61.8% retracement of the Jul 13 - Oct 26 bear leg
  • RES 3: 0.6633 3.0% 10-dma envelope
  • RES 2: 0.6582 50.0% retracement of the Jul 13 - Oct 26 bear leg
  • RES 1: 0.6542 High Nov 15
  • PRICE: 0.6466 @ 16:32 GMT Nov 16
  • SUP 1: 0.6415/6339 50-day EMA / Low Nov 10
  • SUP 2: 0.6315 Low Oct 31
  • SUP 3: 0.6270 Low Oct 26 nand the bear trigger
  • SUP 4: 0.6215 2.236 proj of the Jun 16 - Jun 29 - Jul 13 price swing

AUDUSD has traded higher this week and is holding on to the bulk of its recent gains. A bull cycle is in play and resistance at 0.6523, the Nov 6 high and a bull trigger, has been pierced. A clear break of this hurdle would strengthen a bullish case. Support to watch lies at 0.6339, the Nov 10 low. A reversal lower and a break of this price point would instead expose the key support at 0.6270, the Oct 26 low.

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