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AUDUSD TECHS: Corrective Pullback Extends

AUDUSD TECHS
USForeign Exchange Technical AnalysisGlobalAPACAustraliaBulletMarketsForeign Exchange BulletsRegionNorth America
  • RES 4: 0.7029 High Feb 14 ‘23       
  • RES 3: 0.7003 2.0% 10-dma envelope               
  • RES 2: 0.6984 0.764 proj of the Aug 5 - 29 - Sep 11 price swing
  • RES 1: 0.6889/6942 High Oct 3 / High Sep 30 and the bull trigger
  • PRICE: 0.6763 @ 16:31 BST Oct 7
  • SUP 1: 0.6759 Low Oct 7
  • SUP 2: 0.6752 50-day EMA 
  • SUP 3: 0.6692 Low Sep 13 
  • SUP 4: 0.6622 Low Sep 11 and key support 

An uptrend in AUDUSD remains intact, however the latest pullback highlights a short-term corrective cycle. The pair has traded through the 20-day EMA, and this exposes the next important support at 0.6752, the 50-day EMA. A clear break of this average would undermine a bullish theme and signal scope for a deeper retracement. Key resistance and the bull trigger has been defined at 0.6942, the Sep 30 high.   

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  • RES 4: 0.7029 High Feb 14 ‘23       
  • RES 3: 0.7003 2.0% 10-dma envelope               
  • RES 2: 0.6984 0.764 proj of the Aug 5 - 29 - Sep 11 price swing
  • RES 1: 0.6889/6942 High Oct 3 / High Sep 30 and the bull trigger
  • PRICE: 0.6763 @ 16:31 BST Oct 7
  • SUP 1: 0.6759 Low Oct 7
  • SUP 2: 0.6752 50-day EMA 
  • SUP 3: 0.6692 Low Sep 13 
  • SUP 4: 0.6622 Low Sep 11 and key support 

An uptrend in AUDUSD remains intact, however the latest pullback highlights a short-term corrective cycle. The pair has traded through the 20-day EMA, and this exposes the next important support at 0.6752, the 50-day EMA. A clear break of this average would undermine a bullish theme and signal scope for a deeper retracement. Key resistance and the bull trigger has been defined at 0.6942, the Sep 30 high.