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Bearish Cycle Extends

AUDUSD TECHS
  • RES 4: 0.7534 High Jul 7
  • RES 3: 0.7499/7503 50.0% of the May - Aug sell-off / High Jul 13
  • RES 2: 0.7410/78 High Sep 10 / High Sep 3 and the bull trigger
  • RES 1: 0.7347 High Sep 16
  • PRICE: 0.7273 @ 20:57 BST Sep 17
  • SUP 1: 0.7248 61.8% retracement of the Aug 20 - Sep 3 rally
  • SUP 2: 0.7222 Low Aug 27
  • SUP 3: 0.7106 Low Aug 20 and the bear trigger
  • SUP 4: 0.7053 38.2% retracement of the Mar '20 - Feb uptrend

AUDUSD traded lower again Friday, extending the pullback from 0.7478, Sep 3 high. The pair has breached its 20-day EMA and a deeper pullback would open 0.7248, a Fibonacci retracement. For bulls, 0.7478, 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. For now though, a bearish theme dominates.

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