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Eyeing Resistance

AUDUSD TECHS
  • RES 4: 0.7716 High Jun 16
  • RES 3: 0.7630 1.236 proj of the Aug 20 - Sep 3 - Sep 29 price swing
  • RES 2: 0.7599 High Jul 6
  • RES 1: 0.7546/57 High Oct 21 / 50.0% of the Feb - Aug sell-off
  • PRICE: 0.7515 @ 06:46 BST Oct 27
  • SUP 1: 0.7454 Low Oct 22
  • SUP 2: 0.7402/7370 20-day EMA / 50-day EMA
  • SUP 3: 0.7288 Low Oct 8
  • SUP 4: 0.7226/7170 Low Oct 6 / Low Sep 29

AUDUSD is firmer this week but remains below recent highs. 0.7478, the Sep 3 high and an important short-term bull trigger was cleared last week. The breach of this hurdle strengthens a bullish case and confirms a positive price sequence of higher highs and higher lows - the current bull phase started August 20. This has opened 0.7599 next, the Jul 6 high. Firm support is seen at 0.7370, the 50-day EMA.

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