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Focus Is On Trendline Resistance

AUSSIE TECHS
  • RES 4: 0.7324 High Sep 21
  • RES 3: 0.7243 High Oct 10 and the intraday bull trigger
  • RES 2: 0.7163/70 Trendline drawn off the Sep 1 high / High Oct 15
  • RES 1: 0.7158 High Oct 23
  • PRICE: 0.7135 @ 06:09 GMT Oct 27
  • 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 remains bearish although the pair is holding onto recent gains. The Aussie continues to trade below trendline resistance drawn off the Sep 1 high. The line intersects at 0.7163 and the recent failure at the trendline highlights a bearish risk. Attention is on the primary support and bear trigger at 0.7006, Sep 25 low. A trendline break however would alter the picture and signal a stronger reversal. This would open 0.7243, Oct 10 high.

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