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AUDUSD was unable to hold intraday support this past week at .8825. This is a sign of continued weakness in the pair that may lead to further losses going into next week.
If we look at the 4 hour chart, we can see that the pair has found support at .8860 since the beginning of October. This level also acted as support back on January 24th of this year. A break below this area could extend losses down to the channel support that is best seen on the weekly chart.
AUDUSD weekly chart
I’d like to see the pair close below .8860 on a 4 hour basis before considering a short entry on a retest as new resistance. For those looking for a bit more confirmation, you can wait for a daily close below this level as opposed to a 4 hour close.
Summary: Wait for a close below .8860 and then look for bearish price action on a retest as new resistance. Key support comes in at channel support somewhere around .840.
AUDCAD analysis
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