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Strong Rebound

AUDUSD TECHS
  • RES 4: 0.6682 Low Jul 14 and a recent breakout level
  • RES 3: 0.6656 High Sep 23
  • RES 2: 0.6600 Round number resistance
  • RES 1: 0.6522 High Oct 27 / 4 and a key resistance zone
  • PRICE: 0.6463 @ 14:52 GMT Nov 4
  • SUP 1: 0.6272 Low Nov 3
  • SUP 2: 0.6210/6170 Low Oct 21 / 13 and the bear trigger
  • SUP 3: 0.6133 1.382 proj of the Apr 5 - May 12 - Jun 3 price swing
  • SUP 4: 0.6099 76.4% retracement of the 2020 - 2021 bull cycle

AUDUSD has found support as the USD weakens across the board. Today’s rally suggests the recent pullback between Oct 27 - Nov 3 is over and a strong NY close today would reinforce this idea. Key short-term resistance is at 0.6522, Oct 27 high and 0.6547, Oct 4 high. A breach of this resistance zone would strengthen the case for bulls. On the downside, a reversal lower and a breach of yesterday’s 0.6272 low, would reinstate a bearish threat.

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