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Correcting Lower

AUSSIE TECHS
  • RES 4: 0.7516 76.4% retracement of the 2018 - 2020 Sell-off
  • RES 3: 0.7492 3.0% 10-dma envelope
  • RES 2: 0.7414 High Sep 1 and the bull trigger
  • RES 1: 0.7340 High Sep 3
  • PRICE: 0.7291 @ 10:54 BST Sep 4
  • SUP 1: 0.7240 20-day EMA
  • SUP 2: 0.7136 Low Aug 20 and the bear trigger
  • SUP 3: 0.7114 50-day EMA
  • SUP 4: 0.7109 Low Aug 12

AUDUSD maintains a bullish theme however the pair has entered a corrective phase this week. The strong rally on Aug 8 confirmed a clear break of former resistance at 0.7276, Aug 19 high. The breach resumed the underlying uptrend and maintains the bullish price sequence of higher highs and higher lows. Attention is on 0.7492, a volatility band resistance. First support to watch is at 0.7240, the 20-day EMA.

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