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Failure At Trendline Resistance Weighs

AUSSIE TECHS
  • RES 4: 0.7258 61.8% retracement September Sell-Off
  • RES 3: 0.7243 High Oct 10 and the intraday bull trigger
  • RES 2: 0.7201 Trendline resistance drawn off the Sep 1 high
  • RES 1: 0.7170 High Oct 15
  • PRICE: 0.7084 @ 17:14 BST Oct 16
  • SUP 1: 0.7056 Low Oct 15
  • SUP 2: 0.7029 Low Sep 28
  • SUP 3: 0.7006 Low Sep 25 and the bear trigger
  • SUP 4: 0.6965 23.6% retracement of the Mar - Sep rally

AUDUSD remains vulnerable. On Oct 9, the pair cleared resistance at 0.7209, Oct 1 and 6 high resulting in a test of trendline resistance drawn off the Sep 1 high. The line intersects at 0.7201 today. A failure to clear the trendline is weighing on the Aussie and, with support at 0.7096, Oct 7 breached, the scene is set for a deeper pullback. Attention turns to the primary support and bear trigger at 0.7006, Sep 25 low. 0.7170 is resistance.

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