Technical Analysis Outlook – 29 Nov 2021
AUD/USD is currently at daily support and the RSI has generated an oversold signal. Price has formed a megaphone pattern, and we may see a move again to the pattern resistance.
On the hourly chart price is holding above support at the 0.71059 level, and if price turns bullish I anticipate a move into the structure around the psychological level at 0.7300.
The Kiwi / Yen has traded into a zone of multiple support confluences, with structure and two trendlines marking the zone as a potential support area. Price is also in a bullish structure on the daily chart, with the previous daily structure low at 76.338.
The Euro / dollar has retraced from a key support level at 1.11733. The pair is in a bearish structure, and looks to be ready to retest the support again.
On the hourly chart I’m looking for a move back into the support zone, as price will want to test this region again after breaking the short term trendline.
USDCAD has long since broken the resistance trendline and is now making a strong bullish move after finding support at the 61.8% fibonacci retracement level. If price is able to break upside of recent highs around the 1.300 level look for a sustained move into the 61.8% fibonacci extension.