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Finds Resistance

AUSSIE TECHS
  • RES 4: 0.7464 High Jul 25, 2018
  • RES 3: 0.7414 High Sep 1 and the bull trigger
  • RES 2: 0.7362 76.4% retracement of the of the Sep 1 - 9 sell-off
  • RES 1: 0.7345 High Sep 16
  • PRICE: 0.7271 @ 06:12 BST Sep 17
  • SUP 1: 0.7248 Low Sep 10
  • SUP 2: 0.7192 Low Sep 9 and a key support
  • SUP 3: 0.7164 50-day EMA
  • SUP 4: 0.7136 Low Aug 20 and the bear trigger

AUDUSD traded higher yesterday but did find resistance at the day high of 0.7345 and has traded lower in Asia. The outlook is bullish however a deeper pullback would highlight the risk of a stronger short-term correction and expose support at 0.7192, Sep 9 low. A break of this level is required to confirm a short-term bearish cycle. On the upside, clearance of yesterday's high of 0.7345 would again open key resistance at 0.7414, Sep 1 high.

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