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Today we saw the market take a breather after some impressive moves to start the week. I don’t expect to see too much movement to close the week either as tomorrow’s docket looks relatively light.
That said, we have a few pairs to watch going into next week with AUDUSD being one of my favorite. After closing the gap from October 31st, the pair broke channel support on November 19th and is now trading below the .8650 key level.
My overall bias remains bearish and as such I’ll be looking for bearish price action to rejoin the downtrend. Areas of interest are .8650 and .8680. Both of these areas have served as key inflection points over the past two months and are likely to make an impact should the market rally higher from current levels.
As for support, keep an eye on today’s low at .8565 as well as key support at .8540. If we treat the recent channel as a bear flag, we could see an eventual move down to .8430. This would represent a 360 pip measured move using the October 29th high.
Summary: Watch for bearish price action at .8650 or .8680. Key support comes in at .8565 and .8540 with a possible measured objective at .8430.
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