8th November 2021 Technical Analysis

GBPUSD

GBPUSD fluctuated on Friday, and the technical bias was bearish due to lower lows in the recent downtrend.

The pair is currently trading near 1.34897，and multiple resistance levels can be seen above which may prevent the price from rising further.

Resistance level 1: 1.35080

Resistance level 2: 1.35550

Resistance level 3: 1.36000

Below the price, multiple support levels can be seen which may prevent the price from falling.

Support level 1: 1.34500

Support level 2: 1.34100

Support level 3: 1.33800

On Tuesday, the United States will announce PPI data for October. Higher data indicate favourable to the US dollar, so it is negative for the GBPUSD currency pair, and vice versa.

Looking at the current price trend and economic development, it may be a good trading choice to sell the GBPUSD currency pair near the current level.

AUDUSD

AUDUSD fluctuated on Friday, and the technical bias was bearish due to lower lows in the recent downtrend.

The pair is currently trading near 0.73962，and multiple resistance levels can be seen above which may prevent the price from rising further.

Resistance level 1: 0.74100

Resistance level 2: 0.74250

Resistance level 3: 0.74500

Below the price, multiple support levels can be seen which may prevent the price from falling.

Support level 1: 0.73780

Support level 2: 0.73580

Support level 3: 0.73350

On Wednesday, Australia will announce Westpac consumer confidence data for November. Higher data indicate favourable to the Australian dollar, so the AUDUSD currency pair is bullish, and vice versa.

Looking at the current price trend and economic development, it may be a good trading choice to sell the AUDUSD currency pair near the current level.