• RES 4: 0.6656 61.8% retracement of the Jul 13 - Oct 26 bear leg
  • RES 3: 0.6637 3.0% 10-dma envelope
  • RES 2: 0.6582 50.0% retracement of the Jul 13 - Oct 26 bear leg
  • RES 1: 0.6563 High Nov 20
  • PRICE: 0.6557 @ 16:51 GMT Nov 20
  • SUP 1: 0.6453 Low Nov 17
  • SUP 2: 0.6421/6339 50-day EMA / Low Nov 10
  • SUP 3: 0.6315 Low Oct 31
  • SUP 4: 0.6270 Low Oct 26 nand the bear trigger

AUDUSD traded higher last week and the pair has started this week on a bullish note. Today’s gains have resulted in a clear break of resistance at 0.6522, the Aug 30 and Sep 1 high. The breach is an important short-term bullish development and signals scope for a continuation higher towards 0.6582 next, a Fibonacci retracement. Initial firm support is at 0.6421, the 50-day EMA.

AUDUSD TECHS: Corrective Break Higher

Last updated at:Nov-20 20:30By: Edward Hardy
  • RES 4: 0.6656 61.8% retracement of the Jul 13 - Oct 26 bear leg
  • RES 3: 0.6637 3.0% 10-dma envelope
  • RES 2: 0.6582 50.0% retracement of the Jul 13 - Oct 26 bear leg
  • RES 1: 0.6563 High Nov 20
  • PRICE: 0.6557 @ 16:51 GMT Nov 20
  • SUP 1: 0.6453 Low Nov 17
  • SUP 2: 0.6421/6339 50-day EMA / Low Nov 10
  • SUP 3: 0.6315 Low Oct 31
  • SUP 4: 0.6270 Low Oct 26 nand the bear trigger

AUDUSD traded higher last week and the pair has started this week on a bullish note. Today’s gains have resulted in a clear break of resistance at 0.6522, the Aug 30 and Sep 1 high. The breach is an important short-term bullish development and signals scope for a continuation higher towards 0.6582 next, a Fibonacci retracement. Initial firm support is at 0.6421, the 50-day EMA.

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