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(H3) Doji Candle Continues To Highlight A Potential Top

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Building on Recent Strength

AUDUSD TECHS
  • RES 4: 0.6656 High Sep 23
  • RES 3: 0.6563 50-day EMA
  • RES 2: 0.6547 High Oct 4 and key resistance
  • RES 1: 0.6497 High Oct 26
  • PRICE: 0.6491 @ 15:53 BST Oct 26
  • SUP 1: 0.6210/6170 Low Oct 21 / 13 and the bear trigger
  • SUP 2: 0.6133 1.382 proj of the Apr 5 - May 12 - Jun 3 price swing
  • SUP 3: 0.6099 76.4% retracement of the 2020 - 2021 bull cycle
  • SUP 4: 0.6035 1.50 proj of the Apr 5 - May 12 - Jun 3 price swing

AUDUSD now trades a point above the 20-day EMA, cementing the break above resistance on Tuesday to confirm a bullish shift to the technical backdrop. This opens gains toward key resistance at the Oct 4 highs at 0.6547. Despite the recent gains, however, moving average studies continue to highlight a downtrend. This keeps support at 0.6133 in view, a Fibonacci projection.

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

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