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Corrective Pullback

AUSSIE TECHS
  • RES 4: 0.7516 76.4% retracement of the 2018 - 2020 Sell-off
  • RES 3: 0.7464 High Jul 25, 2018
  • RES 2: 0.7414 High Sep 1 and the bull trigger
  • RES 1: 0.7340 High Sep 3
  • PRICE: 0.7239 @ 17:43 BST Sep 8
  • SUP 1: 0.7222 Low Sep 4
  • SUP 2: 0.7136 Low Aug 20 and the bear trigger
  • SUP 3: 0.7127 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 bullish price sequence of higher highs and higher lows. 0.7414, Sep 1 high is the trigger for a resumption of gains. The key support to watch is at 0.7136, Aug 20 low.

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