AUDUSD TECHS: Bullish Impulsive Wave Extends
- RES 4: 0.6707 High Sep 17 and a key resistance
- RES 3: 0.6660 High Sep 18
- RES 2: 0.6640 76.4% retracement of the Sep 17 - Nov 21 bear leg
- RES 1: 0.6630 High Dec 04
- PRICE: 0.6617 @ 15:26 GMT Dec 4
- SUP 1: 0.6580/6533 High Nov 13 / 20-day EMA
- SUP 2: 0.6517 Low Nov 27
- SUP 3: 0.6466/21 Low Nov 26 / 21
- SUP 4: 0.6415 Low Aug 21 / 22 and a bear trigger
A strong bullish impulsive wave in AUDUSD remains intact and the pair continues to appreciate. Recent gains have cleared a number of important short-term resistance points, strengthening a bull theme and highlighting scope for a continuation higher. Sights are on 0.6640 next, a Fibonacci retracement point. First key support to watch is at 0.6533, the 20-day EMA. A pullback would be considered corrective.
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AUDUSD TECHS: Pullback Exposes Key Short-Term Support
- RES 4: 0.6707 High Sep 17 and a bull trigger
- RES 3: 0.6666 2.0% 10-dma Envelope
- RES 2: 0.6644 76.4% retracement of the Sep-Oct bear leg
- RES 1: 0.6542/0.6618 50-day EMA / High Oct 29
- PRICE: 0.6488 @ 07:59 GMT Nov 5
- SUP 1: 0.6459 Intraday low
- SUP 2: 0.6440 Low Oct 14 and key support
- SUP 3: 0.6415 Low Aug 21 / 22 and a bear trigger
- SUP 4: 0.6373 Low Jun 23
A softer short-term tone in AUDUSD remains intact for now and this week’s move lower reinforces this theme. The pair has also traded through the 50-day EMA - a bearish development that undermines a recent bullish theme. A continuation lower would signal scope for an extension towards the first key support at 0.6440, the Oct 14 low. Key resistance and a short-term bull trigger is at 0.6618, the Oct 29 high. First resistance is at 0.6542, the 50-day EMA.
GILTS: Opening Calls
Gilt opening calls, 93.61/93.66.
EQUITIES: EU Cash Opening Calls
Estox 50: -0.62%, Dax: -0.54%, CAC: -0.59%, FTSE -0.20%, SMI -0.25%.
