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Corrective Pullback

AUSSIE TECHS
  • RES 4: 0.7677 High June 6, 2018
  • RES 3: 0.7516 76.4% retracement of the 2018 - 2020 Sell-off
  • RES 2: 0.7483 3.0% 10-dma envelope
  • RES 1: 0.7414 High Sep 1
  • PRICE: 0.7279 @ 17:16 BST Sep 3
  • SUP 1: 0.7266 Low Sep 3
  • SUP 2: 0.7255 Low Aug 28
  • SUP 3: 0.7236 20-day EMA
  • SUP 4: 0.7136/09 Low Aug 20 / Low Aug 12 and the bear trigger

AUDUSD maintains a bullish theme however the pair has entered a minor corrective phase. 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 that continues to dominate. Attention is on 0.7483 next, a volatility band resistance. First support to watch lies at 0.7276, Aug 19 high.

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