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Cracks September Low

AUSSIE TECHS
  • RES 4: 0.7324 High Sep 21
  • RES 3: 0.7258 61.8% retracement of the Sep 1 - 25 decline
  • RES 2: 0.7243 High Oct 10 and a key resistance
  • RES 1: 0.7151/58 Trendline drawn off the Sep 1 high / High Oct 23
  • PRICE: 0.7015 @ 16:47 GMT Oct 29
  • SUP 1: 0.7002 Low Oct 29
  • SUP 2: 0.6965 23.6% retracement of the Mar - Sep Rally
  • SUP 3: 0.6947 2.0% 10-dma envelope
  • SUP 4: 0.6823 50% 2018 - 2020 Sell Off

AUDUSD outlook is bearish. The pair pulled further away from trendline resistance drawn off the Sep 1 high, falling to new multi-month lows in the process. Trendline resistance rests at 0.7151 and represents a key hurdle for bulls. This resistance line was tested Wednesday and capped gains. While the trendline holds, a bearish theme remains intact, which was strengthened Thursday with the fall through 0.7006, Sep 25 low. A trendline breach would signal a reversal and open 0.7243, Oct 10 high.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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