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Bounce Needs to Hold

AUDUSD TECHS
  • RES 4: 0.7499/7503 50.0% of the May - Aug sell-off / High Jul 13
  • RES 3: 0.7478 High Sep 3 and the bull trigger
  • RES 2: 0.7410 High Sep 10
  • RES 1: 0.7310/13 20-day EMA / High Sep 13
  • PRICE: 0.7299 @ 17:17 BST Sep 23
  • SUP 1: 0.7220 Low Sep 20
  • SUP 2: 0.7194 76.4% retracement of the Aug 20 - Sep 3 rally
  • 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 rebounded well Thursday, topping the week's best levels and nearing Friday's 0.7322. This bounce needs to stick to reverse the near-term downtrend which continues to target 0.7220 ahead of Fib support at 0.7194. The bear trigger rests below at 0.7106, the Aug 20 low. Initial resistance remains at 0.7310, the 20-day EMA and 0.7313 ahead of 0.7410, the Sep 10 high.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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