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China Economy to Rebound in H2: Ex-PBOC Off'l

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  • RES 4: 0.7432/7471 High Nov 9 / High Nov 4
  • RES 3: 0.7371 High Nov 15
  • RES 2: 0.7266/7305 Former channel base / 20-day EMA
  • RES 1: 0.7228 High Nov 24
  • PRICE: 0.7129 @ 17:29 GMT Nov 26
  • SUP 1: 0.7106 Low Aug 20 and a major support
  • SUP 2: 0.7049 Low Nov 4, 2020
  • SUP 3: 0.7028 Low Nov 3 2020
  • SUP 4: 0.6991 Low Nov 2 2020

AUDUSD remains soft and the slide has accelerated Friday. This week's price action has resulted in a break of the base of its bull channel drawn from the Aug 20 low. The breach reinforces bearish conditions and signals scope for a deeper short-term pullback. Moving average signals have also recently shifted to bear mode, highlighting the current direction. The focus is on 0.7106, the Aug 20 low and a key support. Initial resistance is seen at 0.7228.