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AUSSIE TECHS: Double Bottom Reversal
*RES 4: 0.7009 High Jul 24
*RES 3: 0.6985 76.4% retracement of Jul 19 - Oct 2 decline
*RES 2: 0.6958 200-DMA
*RES 1: 0.6930 Intraday high
*PRICE: 0.6922 @ 06:07 GMT Oct 31
*SUP 1: 0.6895 Sep 12 and double bottom midpoint
*SUP 2: 0.6849 Low Oct 30
*SUP 3: 0.6809 Low Oct 25 and key support
*SUP 4: 0.6782/52 Trendline support drawn off Oct 2 low / Low Oct 17
AUDUSD traded sharply higher yesterday and has extended the recovery in the Asia
session. The key technical development has been the breach of resistance at
0.6895, Sep 12 high and more importantly this has confirmed a broad double
bottom reversal on the daily frequency. The move higher confirms a medium-term
bullish reversal and reinforces the current uptrend that began on Oct 2. This
has opened 0.6958 next, the 200-DMA. Support lies at 0.6895.