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ASIA

Coming up in the Asia-Pac session on Tuesday:

USDCAD TECHS

Corrective Bounce

AUDUSD TECHS

Bearish Threat Following Friday’s Sell-Off

EURJPY TECHS

Finds Support Below The 50-Day EMA

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  • RES 4: 0.7371 High Nov 15
  • RES 3: 0.7209/7275 20-day EMA / Former channel base
  • RES 2: 0.7173/7198 High Dec 1 / High Nov 26
  • RES 1: 0.7099 High Dec 3
  • PRICE: 0.7048 @ 17:16 GMT Dec 6
  • SUP 1: 0.6991 Low Nov 2 2020
  • SUP 2: 0.6963 Low Jul 16 2020
  • SUP 3: 0.6921 Low Jul 14 2020
  • SUP 4: 0.6759 50% 2020 - 2021 Rally

Having come under considerable pressure Friday and closing near session lows, AUD/USD recovered throughout Monday trade to narrow the gap with Friday highs at 0.7099. Nonetheless, last week’s sell-off reinforces bearish conditions and has exposed support at 0.6991, the Nov 2 2020 low and an important support handle. Weakness through here would accelerate the current solid bearish theme, opening 0.6759 - the 50% retracement of the 2020-2021 range - as the medium-term target.