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Correcting Lower

AUSSIE TECHS
  • RES 4: 0.7516 76.4% retracement of the 2018 - 2020 Sell-off
  • RES 3: 0.7504 3.0% 10-dma envelope
  • RES 2: 0.7414 High Sep 1 and the bull trigger
  • RES 1: 0.7340 High Sep 3
  • PRICE: 0.7280 @ 18:11 BST Sep 7
  • SUP 1: 0.7222 Low Sep 4
  • SUP 2: 0.7136 Low Aug 20 and the bear trigger
  • SUP 3: 0.7121 50-day EMA
  • SUP 4: 0.7109 Low Aug 12

AUDUSD maintains a bullish theme however, the correction that unfolded last week remains intact for now. 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 underlying bullish price sequence of higher highs and higher lows. 0.7414, Sep 1 high is the trigger for a resumption of gains. First support to watch is at 0.7222, Friday's low.

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