SWEDEN: Labour Market Data Improving Alongside Activity Trends

• RES 4: 0.6707 High Sep 17 and a bull trigger
• RES 3: 0.6661 2.0% 10-dma Envelope
• RES 2: 0.6644 76.4% retracement of the Sep-Oct bear leg  
• RES 1: 0.6537/0.6618 50-day EMA / High Oct 29
• PRICE: 0.6520 @ 08:01 GMT Nov 11 
• SUP 1: 0.6459 Low Nov 5
• 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   

Despite yesterday’s recovery - a correction - a bearish short-term tone in AUDUSD remains intact. The recent breach of the 50-day EMA undermines a bullish theme. This has exposed the next 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. Initial resistance to monitor is at 0.6537, the 50-day EMA. It has been pierced, a clear break of the average would strengthen a bullish case.

Calls are now towards 93.43/93.55 following the UK Data coming below expectations.

• RES 4: 180.37 1.500 proj of the Jul 31 - Sep 29 - Oct 2 price swing  
• RES 3: 180.00 Psychological round number
• RES 2: 178.94 1.236 proj of the Jul 31 - Sep 29 - Oct 2 price swing
• RES 1: 178.82 High Oct 30 and the bull trigger
• PRICE: 178.23 @ 07:56 GMT Nov 11 
• SUP 1: 175.40 50-day EMA
• SUP 2: 174.82 Low Oct 17 
• SUP 3: 173.92 Low Oct 6 and a gap high on the daily chart   
• SUP 4: 173.88 Bull channel support drawn from the Feb 28 low  

The trend in EURJPY remains bullish and a price sequence of higher highs and higher lows is intact. Note that moving average studies are in a bull-mode position too, highlighting a dominant uptrend. Recent gains signal scope for 178.94 next, a 1.236 projection of the Jul 31 - Sep 29 - Oct 2 price swing. Support to watch lies at the 50-day EMA, at 175.40. A clear break of this EMA would signal scope for a deeper retracement.