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Bearish Below Trendline Resistance

AUSSIE TECHS
  • RES 4: 0.7243 High Oct 10 and the intraday bull trigger
  • RES 3: 0.7176 Trendline resistance drawn off the Sep 1 high
  • RES 2: 0.7170 High Oct 15
  • RES 1: 0.7158 Intraday high
  • PRICE: 0.7149 @ 10:49 BST Oct 23
  • SUP 1: 0.7021 Low Oct 20
  • SUP 2: 0.7006 Low Sep 25 and the bear trigger
  • SUP 3: 0.6965 23.6% retracement of the Mar - Sep rally
  • SUP 4: 0.6931 0.764 projection of Sep 1 - 25 sell-off from Oct 9 high

AUDUSD outlook remains bearish despite this week's recovery. The pair continues to trade below trendline resistance drawn off the Sep 1 high. The line intersects at 0.7176 and the recent failure at the trendline highlights bearish risk. Attention is on the primary support and bear trigger at 0.7006, Sep 25 low. A trendline resistance break is needed to alter the picture and signal a stronger reversal. This would open 0.7243, Oct 10 high.

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