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AUDUSD TECHS: Southbound

AUDUSD TECHS
USForeign Exchange Technical AnalysisGlobalAPACAustraliaBulletMarketsForeign Exchange BulletsRegionNorth America
  • RES 4: 0.6852/6889 High Oct 4 / 3   
  • RES 3: 0.6762 High Oct 9            
  • RES 2: 0.6673/6706 20- and 50-day EMA
  • RES 1: 0.6622 Low Sep 11 
  • PRICE: 0.6559 @ 16:45 GMT Oct 31
  • SUP 1: 0.6537 Low Oct 30
  • SUP 2: 0.6508 Low Aug 8
  • SUP 3: 0.6490 76.4% retracement of the Aug 5 - Sep 30 bull leg
  • SUP 4: 0.6472 Low Aug 6 

A bear cycle in AUDUSD remains intact and the pair traded to a fresh cycle low again Wednesday. The extension reinforces the current downtrend. A key support at 0.6622, the Sep 11 low, has been breached, strengthening a bearish theme. Note too that the pair has also cleared 0.6576, 61.8% of the Aug 5 - Sep 30 bull leg. A continuation lower would open 0.6490, the 76.4% retracement. Initial firm resistance to watch is 0.6622, the Sep 11 low.   

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  • RES 4: 0.6852/6889 High Oct 4 / 3   
  • RES 3: 0.6762 High Oct 9            
  • RES 2: 0.6673/6706 20- and 50-day EMA
  • RES 1: 0.6622 Low Sep 11 
  • PRICE: 0.6559 @ 16:45 GMT Oct 31
  • SUP 1: 0.6537 Low Oct 30
  • SUP 2: 0.6508 Low Aug 8
  • SUP 3: 0.6490 76.4% retracement of the Aug 5 - Sep 30 bull leg
  • SUP 4: 0.6472 Low Aug 6 

A bear cycle in AUDUSD remains intact and the pair traded to a fresh cycle low again Wednesday. The extension reinforces the current downtrend. A key support at 0.6622, the Sep 11 low, has been breached, strengthening a bearish theme. Note too that the pair has also cleared 0.6576, 61.8% of the Aug 5 - Sep 30 bull leg. A continuation lower would open 0.6490, the 76.4% retracement. Initial firm resistance to watch is 0.6622, the Sep 11 low.