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Bearish Threat Still Present

AUSSIE TECHS
  • RES 4: 0.7235 High Sep 22
  • RES 3: 0.7192 Low Sep 9 and recent breakout level
  • RES 2: 0.7158 High 50-day EMA
  • RES 1: 0.7096 Intraday high
  • PRICE: 0.7085 @ 06:15 BST Sep 29
  • SUP 1: 0.7006 Low Sep 25
  • SUP 2: 0.6965 38.2% retracement of the Mar - Sep rally
  • SUP 3: 0.6921 Low Jul 14
  • SUP 4: 0.6833 Low Jun 30

AUDUSD maintains a weaker tone despite Monday's bounce with the pair likely to extend last week's sell-off. Price has cleared both the 50-day EMA as well as 0.7109, the Aug 12 low. This opens 0.6965, a Fibonacci retracement. Clearance of 0.6965 would open 0.6921, Jul 14 low. On the upside, firm resistance is seen at 0.7192, Sep 9 low and a recent breakout level. Initial resistance however is at 0.7158, the 50-day EMA.

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