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Pullback Likely A Correction *RES 4:...>

AUSSIE TECHS: Pullback Likely A Correction
*RES 4: 0.6930 High Oct 31 and key resistance
*RES 3: 0.6914 200-day MA
*RES 2: 0.6888 76.4% retracement of the Oct 31 - Nov 29 decline
*RES 1: 0.6862/63 High Dec 3 / 61.8% of Oct 31 - Nov 29 decline
*PRICE: 0.6817 @ 06:15 GMT Dec 11
*SUP 1: 0.6795 61.8% retracement of the Nov 29 to Dec 3 rally
*SUP 2: 0.6754/52 Low Nov 29 / Low Oct 17
*SUP 3: 0.6732 76.4% retracement of the Oct 2 to Oct 31 rally
*SUP 4: 0.6724 Low Oct 16
AUDUSD was weaker again yesterday. The recent move lower is being viewed as a
correction. A bullish outlook is maintained following the rally on Dec 2. The
candle pattern on this day is a bullish engulfing and signals a reversal. The
subsequent breach of resistance at 0.6835, Nov 19 high reinforces the pattern.
The next hurdle for bulls is the Dec 3 high of 0.6862 and 0.6863, a 61.%
retracement level. A break would open 0.6900 and beyond. Support is at 0.6795.

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