AUDUSD TECHS: Bullish Trend Sequence
- RES 4: 0.6858 1.000 proj of the Nov 21 - Dec 10 - 18 price swing
- RES 3: 0.6795 0.764 proj of the Nov 21 - Dec 10 - 18 price swing
- RES 2: 0.6759 High Oct 11 ‘24
- RES 1: 0.6728 High Dec 29
- PRICE: 0.6688 @ 06:28 GMT Dec 31
- SUP 1: 0.6683/6649 Low Dec 29 / 20-day EMA
- SUP 2: 0.6599 50-day EMA
- SUP 3: 0.6517 Low Nov 27
- SUP 4: 0.6466/21 Low Nov 26 / 21
The trend condition in AUDUSD remains bullish and recent strong gains reinforce current conditions. The pair has cleared a key resistance at 0.6707, the Sep 17 high. The breach confirms a resumption of the medium-term uptrend that started Apr 9. This signal scope for an extension towards 0.6759 next, the Apr 11 2024 high. Initial firm support to watch lies at 0.6649, the 20- day EMA.
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EURGBP TECHS: Has Pierced The 50-Day EMA
- RES 4: 0.8893 2.000 proj of the Sep 15 - 25 - Oct 8 price swing
- RES 3: 0.8875 High Apr 25
- RES 2: 0.8868 61.8% retracement of the 2022 - 2024 bear leg
- RES 1: 0.8818/65 High Nov 16 / 14
- PRICE: 0.8773 @ 06:36 GMT Dec 1
- SUP 1: 0.8746 Low Nov 27
- SUP 2: 0.8726 Low Oct 28
- SUP 3: 0.8706 76.4% retracement of the Oct 8 - Nov 14 bull leg
- SUP 4: 0.8656 Low Oct 8 and a key support
The trend set-up in EURGBP is bullish and recent weakness appears corrective. Moving average studies are unchanged and remain in a bull-mode position, highlighting a dominant uptrend. Note that the cross has pierced the 50-day EMA, at 0.8752. A clear break of this average would signal scope for a deeper corrective pullback. For bulls, a resumption of gains would refocus attention on 0.8868, a Fibonacci retracement point.
SCHATZ TECHS: (Z5) Bear Trend Still Present
- RES 4: 107.175 High Oct 24
- RES 3: 107.095 High Oct 28 / 31
- RES 2: 107.049 50-day EMA
- RES 1: 107.010 20-day EMA
- PRICE: 106.975 @ 06:16 GMT Dec 1
- SUP 1: 106.945 Low Nov 17
- SUP 2: 106.920 Low Sep 25 and a key support
- SUP 3: 106.900 Round number support
- SUP 4: 106.830 Low Mar 27 (cont.)
The short-term trend condition in Schatz futures is unchanged, it remains bearish and gains are considered corrective. Recent weakness paves the way for an extension towards 106.920, the Sep 25 low and a key support. Clearance of this level would strengthen a bear theme. Initial firm resistance to watch is at the 50-day EMA, at 107.052. A clear break of this average would highlight a potential reversal.
GBPUSD TECHS: Doji Reversal
- RES 4: 1.3416 High Oct 21
- RES 3: 1.3368 50.0% retracement of the Sep 17 - Nov 4 bear leg
- RES 2: 1.3284 38.2% retracement of the Sep 17 - Nov 4 bear leg
- RES 1: 1.3269 High Nov 27
- PRICE: 1.3216 @ 06:25 GMT Dec 1
- SUP 1: 1.3125 Low Nov 26
- SUP 2: 1.3038/10 Low Nov 20 / Low Nov 4 & 5 and the bear trigger
- SUP 3: 1.2971 1.382 proj of the Sep 17 - 25 - Oct 1 price swing
- SUP 4: 1.2945 50.0% retracement of the Jan 13 - Jul 1 bull leg
The trend theme in GBPUSD is bearish and recovery in November appears corrective - for now. Price has pierced the 50-day EMA, currently at 1.3259. A clear break of the average would highlight a stronger bull theme. Moving average studies are in a bear-mode condition, highlighting a dominant downtrend. 1.3010, the Nov 4 / 5 low, is the trigger for a resumption of the bear leg. Note that last Thursday’s pattern is a doji - a bear reversal signal.
