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This Week’s Bear Leg Appears To Be A Correction

AUDUSD TECHS
  • RES 4: 0.6600 3.0% 10-dma envelope
  • RES 3: 0.6582 50.0% retracement of the Jul 13 - Oct 26 bear leg
  • RES 2: 0.6522/23 High Aug 30 and Sep 1 / Nov 6 and key resistance
  • RES 1: 0.6449 High Nov 8
  • PRICE: 0.6349 @ 16:38 GMT Nov 10
  • SUP 1: 0.6330 76.4% retracement of the Oct 26 - Nov 6 rally
  • SUP 2: 0.6315/0.6270 Low Oct 31 / 26 and the bear trigger
  • SUP 3: 0.6215 2.236 proj of the Jun 16 - Jun 29 - Jul 13 price swing
  • SUP 4: 0.6170 Low Oct 13 2022 and a key support

AUDUSD remains below Monday’s 0.6523 high and the pair has traded lower today. Despite the latest pullback, a S/T bull cycle remains in play and the move down appears to be a correction. A resumption of gains would refocus attention on key resistance at 0.6522, the Aug 30 and Sep 1 high. A clear break of this hurdle would strengthen bullish conditions and open 0.6582, a Fibonacci retracement point. Key support lies at 0.6270, the Oct 26 low.

Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsForeign Exchange Bullets
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsForeign Exchange Bullets

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