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USDCAD TECHS

Consolidation Mode But Remains Bearish

AUDUSD TECHS

Fails To Hold Onto Thursday’s High

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  • RES 4: 1.1692 High Oct 28
  • RES 3: 1.1579 Bear channel top from Jun 1 high
  • RES 2: 1.1514 Low Nov 5
  • RES 1: 1.1383/1.1464 High Nov 30 / High Nov 15
  • PRICE: 1.1304 @ 16:41 GMT Dec 3
  • SUP 1: 1.1236 Low Nov 30
  • SUP 2: 1.1186/85 Low Nov 24 / Low Jul 1, 2020
  • SUP 3: 1.1128 1.764 proj of the Jan 6 - Mar 31 - May 25 price swing
  • SUP 4: 1.1040 76.4% retracement of the Mar ‘20 - Jan ‘21 uptrend

Although EURUSD has pulled back from recent highs, a consolidative tone continues to dominate. Price gains earlier this week resulted in a test of the 20-day EMA, at 1.1360 today, plus a print above 1.1374, the Nov 18 high. This suggests scope for an extension of the current corrective cycle and opens 1.1514, Nov 5 high. The broader trend remains bearish though with the bear trigger at 1.1186/85. Moving average studies remain in a bear mode.