Free Trial

Still Vulnerable Below 0.6841 *RES.....>

AUSSIE TECHS: Still Vulnerable Below 0.6841
*RES 4: 0.6933 200-DMA
*RES 3: 0.6930 High Oct 31 and bull trigger
*RES 2: 0.6906 High Nov 8
*RES 1: 0.6841/67 High Nov 14 / Former trendline support
*PRICE: 0.6787 @ 05:56 GMT Nov 22
*SUP 1: 0.6770 61.8% of Oct 2 - Oct 31 rally / Intraday low
*SUP 1: 0.6752 Low Oct 17
*SUP 3: 0.6732 76.4% retracement of Oct 2 - Oct 31 rally
*SUP 4: 0.6724 Low Oct 16
Near-term downside risk in AUDUSD remains following last weeks break of
trendline support, drawn off the Oct 2 low. The breach represents a S/T bearish
development with momentum studies pointing south. Furthermore, recent price
action is also taking on the appearance of a bear flag formation. 0.6770 has
been achieved, 61.8% of Oct 2 - Oct 31 rally. The 76.4% level is at 0.6732.
Resistance at 0.6841 needs to be cleared to offset the bearish threat.

To read the full story



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.