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Tests Recent Highs

AUDUSD TECHS
  • RES 4: 0.7473 3.0% 10-dma envelope
  • RES 3: 0.7414 High Sep 1 and the key bull trigger
  • RES 2: 0.7345 High Sep 16
  • RES 1: 0.7340 High Nov 9/17
  • PRICE: 0.7302 @ 17:15 GMT Nov 17
  • SUP 1: 0.7205 20-day EMA
  • SUP 2: 0.7145 Low Nov 5
  • SUP 3: 0.7069 Former trendline resistance drawn off the Sep 1 high
  • SUP 4: 0.7049 Low Nov 4

AUDUSD traded higher early Tuesday and has equalled recent highs at 0.7340. A bullish outlook remains intact. The rally off the Nov 2 low of 0.6991 resulted in a break of trendline resistance drawn off the Sep 1 high. Gains on Nov 5 also cleared 0.7243, Oct 9 high. With bullish conditions strengthened, scope is seen for a climb towards 0.7345 next, Sep 16 high. Initial firm support is at 0.7145. A break would undermine the bullish outlook.

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