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Correction Extends

AUSSIE TECHS
  • RES 4: 0.7324 High Sep 21
  • RES 3: 0.7276 Trendline resistance drawn off the Sep 1 high
  • RES 2: 0.7235 High Sep 22
  • RES 1: 0.7197 Intraday high
  • PRICE: 0.7186 @ 10:50 BST Oct 1
  • SUP 1: 0.7100 Low Sep 30
  • SUP 2: 0.7070 Low Sep 29
  • SUP 3: 0.7006 Low Sep 25 and the bear trigger
  • SUP 4: 0.6965 38.2% retracement of the Mar - Sep rally

AUDUSD maintains this week's positive tone and has again edged higher. The climb is still considered a correction however. Initial resistance at 0.7192, Sep 9 low has been breached and this has exposed trendline resistance that intersects at 0.7276 today. The trendline is drawn off the Sep 1 high. A failure at current levels would refocus attention on 0.7100 , Sep 30 low and the key short-term bear trigger at 0.7006, Sep 25 low.

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