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Focus Is On The Bearish Engulfing Line

AUSSIE TECHS
  • RES 4: 0.7324 High Sep 21
  • RES 3: 0.7238 Trendline resistance drawn off the Sep 1 high
  • RES 2: 0.7235 High Sep 22
  • RES 1: 0.7209 High Oct 1 / 6
  • PRICE: 0.7181 @ 06:18 BST Oct 9
  • SUP 1: 0.7096 Low Oct 7 and the intraday bear trigger
  • SUP 2: 0.7070 Low Sep 29
  • SUP 3: 0.7006 Low Sep 25 and the bear trigger
  • SUP 4: 0.6965 38.2% retracement of the Mar - Sep rally

AUDUSD is firmer off recent lower lows. The focus though is on the Oct 6 bearish reversal pattern, an engulfing candle line that signals the end of the correction since Sep 25. If correct, the pattern highlights risk for a move lower that would expose 0.7006, Sep 25 low. Clearance of this support would confirm a resumption of the September downleg. Initial resistance is at 0.7209, Oct 1 and 6 high. Key trendline resistance is at 0.7238.

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