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Gains Considered Corrective

AUSSIE TECHS
  • RES 4: 0.7289 Trendline resistance drawn off the Sep 1 high
  • RES 3: 0.7235 High Sep 22
  • RES 2: 0.7192 Low Sep 9 and recent breakout level
  • RES 1: 0.7157 50-day EMA
  • PRICE: 0.7118 @ 10:53 BST Sep 30
  • SUP 1: 0.7070 Low Sep 29
  • SUP 2: 0.7006 Low Sep 25 and the bear trigger
  • SUP 3: 0.6965 38.2% retracement of the Mar - Sep rally
  • SUP 4: 0.6921 Low Jul 14

AUDUSD maintains a bearish tone despite this week's corrective bounce. Recent weakness has seen price clear both the 50-day EMA as well as 0.7109, the Aug 12 low. This has opened 0.6965, a Fibonacci retracement. A breach of 0.6965 would expose 0.6921, Jul 14 low. On the upside, firm resistance is seen at 0.7192, Sep 9 low and a recent breakout level. Initial resistance however is at 0.7157, the 50-day EMA.

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