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Bearish Correction Still In Play

AUDUSD TECHS
  • RES 4: 0.7591 61.8% of the May - Aug sell-off / High Jul 13
  • RES 3: 0.7534 High Jul 7
  • RES 2: 0.7499/7503 50.0% of the May - Aug sell-off / High Jul 13
  • RES 1: 0.7410/78 High Sep 10 / High Sep 3 and the bull trigger
  • PRICE: 0.7284 @ 16:26 BST Sep 16
  • SUP 1: 0.7274 Low Sep 16
  • SUP 2: 0.7248 61.8% retracement of the Aug 20 - Sep 3 rally
  • SUP 3: 0.7222/7106 Low Aug 27 / Low Aug 20 and the bear trigger
  • SUP 4: 0.7053 38.2% retracement of the Mar '20 - Feb uptrend

AUDUSD is trading near recent lows following the corrective pullback from 0.7478, Sep 3 high. The pair has breached its 20-day EMA and a deeper pullback would open 0.7248, Fibonacci retracements. For bulls, 0.7478, the Sep 3 high, marks the trigger for a resumption of the upleg that started Aug 20. A break would open the 0.7499/7503 resistance zone and establish a bullish sequence of higher highs and higher lows.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsForeign Exchange Bullets
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsForeign Exchange Bullets

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