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AUSSIE TECHS
AUSSIE TECHS: Fails to Maintain Gains
*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: 0.6887 @ 16:17 GMT Oct 31
*SUP 1: 0.6849 Low Oct 30
*SUP 1: 0.6811 Low Oct 28
*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 gave up the Asia-Pac gains with relatively little difficulty Thursday.
The key technical development this week has been the breach of resistance at
0.6895, Sep 12 high. This has confirmed a broad double bottom reversal on the
daily frequency. The move higher confirms a M/T bullish reversal and reinforces
the current uptrend that began on Oct 2. The break has opened 0.6958 next. The
current pullback is being seen as a correction, next support lies at 0.6849.
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