Free Trial

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 and recent breakout level
  • PRICE: 0.7095 @ 16:58 BST Sep 23
  • SUP 1: 0.7088 Low Sep 23
  • SUP 2: 0.7076 Low Aug 3
  • SUP 3: 0.6965 38.2% retracement of the Mar - Sep rally
  • SUP 4: 0.6921 Low Jul 14

AUDUSD found resistance on Sep 16 at 0.7345 and the pair is under pressure. This week's sell-off confirms the start of a short-term correction. The move lower cracked both the 0.7176 50-day EMA (key support area) as well as 0.7109, the Aug 12 low. This opens 0.7076 and 0.6965. On the upside, clearance of 0.7345 is required at this stage, to signal a reversal.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.