AUDUSD Chart Technical Outlook corrects higher from the channel base
AUD/USD – continued selling pressure from the 0.6682 swing high resulted in the pair trading to the lowest level in 21 days. The selloff has stalled at the channel base. This is also the 161.8% extension level from the 0.6699 – 0.6626 move.
Overlaying cypher pattern analysis would suggest we are moving higher within the BC leg of a Bat formation. Previous support now becomes resistance at 0.6626. Bespoke resistance is located at 0.6629.
Resistance: 0.6626 (previous support), 0.6629 (bespoke), 0.6691 (channel top)
Support: 0.6578 (confluence), 0.6502 (261.8%), 0.6493 (Bat)
