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Downtrend Extends

AUDUSD TECHS
  • RES 4: 0.6697 50-day EMA
  • RES 3: 0.6656 High Sep 23
  • RES 2: 0.6547 High Oct 4 and key resistance
  • RES 1: 0.6397/6511 High Oct 10 / 20-day EMA
  • PRICE: 0.6275 @ 20:13 BST Oct 12
  • SUP 1: 0.6236 Low Oct 12
  • SUP 2: 0.6200 Round number support
  • SUP 3: 0.6133 1.382 proj of the Apr 5 - May 12 - Jun 3 price swing
  • SUP 4: 0.6099 76.4% retracement of the 2020 - 2021 bull cycle

AUDUSD traded lower once again Wednesday and a bearish theme remains intact. The pair has this week cleared support at 0.6363, the Sep 28 low and bear trigger. The break confirms a resumption of the primary downtrend and maintains the bearish price sequence of lower lows and lower highs. This opens the 0.6200 handle next as the downtrend extends. On the upside, initial firm resistance has been defined at 0.6547, the Oct 4 high.

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