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Pullback Considered Corrective

AUDUSD TECHS
  • RES 4: 0.6956 High Aug 30
  • RES 3: 0.6909 76.4% retracement of the Aug 11 - Oct 13 downleg
  • RES 2: 0.6800 Round number resistance
  • RES 1: 0.6797 High Nov 15
  • PRICE: 0.6639 @ 06:59 GMT Nov 21
  • SUP 1: 0.6634/6578 Low Nov 17 / 11
  • SUP 2: 0.6556 50-day EMA
  • SUP 3: 0.6387 Low Nov 10
  • SUP 4: 0.6272 Low Nov 3 and a key support

AUDUSD conditions remain bullish and last week’s hgh print reinforced current conditions. However, the pair is trading lower today. A short-term pullback is considered corrective and the next support lies at 0.6556, the 50-day EMA. For bulls, the pair has recently breached 0.6768, the 61.8% retracement of the Aug 11 - Oct 13 downleg. A resumption of gains would open the 0.6800 handle.

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