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Corrective Cycle Extends

AUSSIE TECHS
  • RES 4: 0.7414 High Sep 1 and the bull trigger
  • RES 3: 0.7345 High Sep 16 and a key resistance
  • RES 2: 0.7235 High Sep 22
  • RES 1: 0.7192 Low Sep 9
  • PRICE: 0.7129 @ 06:19 BST Sep 23
  • SUP 1: 0.7116 Intraday low
  • SUP 2: 0.7109 Low Aug 12
  • SUP 3: 0.7076 Low Aug 3
  • SUP 4: 0.6965 38.2% retracement of the Mar - Sep rally

AUDUSD found resistance on Sep 16 at 0.7345. The outlook is bullish however this week's sell-off confirms the start of a short-term correction. The move lower has exposed 0.7176, the 50-day EMA and a key support area that has been breached. This reinforces the current bearish set-up and opens 0.7109 next, Aug 12 low. On the upside, clearance of 0.7345 is required at this stage, to signal a reversal.

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