Free Trial

Trading Below Its Channel Base

AUDUSD TECHS
  • RES 4: 0.7599 High Jul 6
  • RES 3: 0.7534/57 200-dma / 50.0% of the Feb - Aug sell-off
  • RES 2: 0.7432/7471 High Nov 9 / High Nov 4
  • RES 1: 0.7371 High Nov 15
  • PRICE: 0.7243 @ 15:43 GMT Nov 22
  • SUP 1: 0.7227 Low Nov 19
  • SUP 2: 0.7226 Low Oct 6
  • SUP 3: 0.7170 Low Sep 29
  • SUP 4: 0.7106 Low Aug 20 and a major support

AUDUSD has traded below the 0.7255 channel base (drawn from the Aug 20 low) and is trading near recent lows. The breach of its channel base reinforces bearish conditions and signals scope for a deeper short-term pullback. This has opened 0.7170, the Sep 29 low where a break would open 0.7106 further out, the Aug 20 low. Resistance to watch is at 0.7371, Nov 15 high. A break would suggest a base has been established.

To read the full story

Close

Why MNI

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.