September 13, 2024 06:57 GMT
AUDUSD TECHS: Watching Resistance
AUDUSD TECHS
USForeign Exchange Technical AnalysisGlobalAPACAustraliaBulletMarketsForeign Exchange BulletsRegionNorth America
- RES 4: 0.6900 High Jun 16 ‘23
- RES 3: 0.6871 High Dec 28 and a key resistance
- RES 2: 0.6839 High Jan 2
- RES 1: 0.6767/6824 High Sep 6 / High Aug 29 and the bull trigger
- PRICE: 0.6715 @ 07:57 BST Sep 13
- SUP 1: 0.6622 Low Sep 11
- SUP 2: 0.6608 Low Aug 16
- SUP 3: 0.6587 50.0% retracement of the Aug 5- 29 rally
- SUP 4: 0.6565 Low Aug 12
A short-term bear cycle in AUDUSD remains in place. A resumption of weakness would signal scope for an extension towards 0.6608, the Aug 16 low. Initial firm resistance has been defined at 0.6767, the Jun 6 high. Clearance of this level is required to highlight a bullish reversal and expose key resistance at 0.6824, the Aug 29 high. For now, the latest bounce appears to be a minor correction.
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