Technical Analysis Outlook – 29 Nov 2021

AUD/USD

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.

NZD/JPY

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.

EUR/USD

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.

USD/CAD

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.