Free Trial

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: 0.6606 @ 15:41 GMT Nov 21
  • SUP 1: 0.6604/6578 Low Nov 21 / 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 high print reinforced current conditions. However, the pair traded lower Monday. 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.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.