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Facing Its Trendline Resistance

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: 0.7157/58 Trendline drawn off the Sep 1 high / High Oct 23
  • PRICE: 0.7154 @ 06:29 GMT Oct 28
  • SUP 1: 0.7085 Low Oct 22
  • SUP 2: 0.7021 Low Oct 20
  • SUP 3: 0.7006 Low Sep 25 and the bear trigger
  • SUP 4: 0.6965 23.6% retracement of the Mar - Sep rally

AUDUSD outlook is bearish although the pair is holding onto recent gains and has traded higher overnight. The Aussie continues to trade below trendline resistance drawn off the Sep 1 high. The line intersects at 0.7157 and represents a key resistance. A break would signal a trend reversal and open 0.7243, Oct 10 high. While the trendline holds, a bearish theme remains intact with attention on key support and bear trigger at 0.7006, Sep 25 low.

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