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AUDUSD TECHS: Trend Set-Up Remains Bullish

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: 0.6942 High Sep 30
  • PRICE: 0.6870 @ 07:35 BST Oct 3
  • SUP 1: 0.6816 20-day EMA   
  • SUP 2: 0.6747 50-day EMA 
  • SUP 3: 0.6622 Low Sep 11 and key support 
  • SUP 4: 0.6608 Low Aug 16

An uptrend in AUDUSD remains intact and the latest pullback appears to be corrective. Key resistance at 0.6824, the Aug 29 high, has recently been cleared. The break confirmed a resumption of the bull cycle that started Aug 5. Note too that MA studies are in a bull-mode position, highlighting a dominant uptrend. Sights are on 0.6984 next, a Fibonacci projection. On the downside, initial firm support lies at 0.6816, the 20-day EMA.

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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: 0.6942 High Sep 30
  • PRICE: 0.6870 @ 07:35 BST Oct 3
  • SUP 1: 0.6816 20-day EMA   
  • SUP 2: 0.6747 50-day EMA 
  • SUP 3: 0.6622 Low Sep 11 and key support 
  • SUP 4: 0.6608 Low Aug 16

An uptrend in AUDUSD remains intact and the latest pullback appears to be corrective. Key resistance at 0.6824, the Aug 29 high, has recently been cleared. The break confirmed a resumption of the bull cycle that started Aug 5. Note too that MA studies are in a bull-mode position, highlighting a dominant uptrend. Sights are on 0.6984 next, a Fibonacci projection. On the downside, initial firm support lies at 0.6816, the 20-day EMA.