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Gains Considered Corrective

AUDUSD TECHS
  • RES 4: 0.6823 50-day EMA
  • RES 3: 0.6747 High Sep 20
  • RES 2: 0.6656 High Sep 23
  • RES 1: 0.6550 High Sep 26
  • PRICE: 0.6499 @ 07:02 BST Sep 27
  • SUP 1: 0.6438 Low Sep 26
  • SUP 2: 0.6402 Low May 15 2020
  • SUP 3: 0.6373 Low May 4 2020
  • SUP 4: 0.6255 1.236 proj of the Apr 5 - May 12 - Jun 3 price swing

AUDUSD resumed its downtrend Monday. The outlook remains bearish and gains are considered corrective. Last week’s move lower resulted in a break of support at 0.6682, the Jul 14 low and bear trigger. The break strengthens bearish conditions and maintains the broader bearish price sequence of lower lows and lower highs. This has opened 0.6402 next, the May 15 2020 low. Initial firm resistance has been defined at 0.6747, the Sep 20 high.

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  • RES 4: 0.6823 50-day EMA
  • RES 3: 0.6747 High Sep 20
  • RES 2: 0.6656 High Sep 23
  • RES 1: 0.6550 High Sep 26
  • PRICE: 0.6499 @ 07:02 BST Sep 27
  • SUP 1: 0.6438 Low Sep 26
  • SUP 2: 0.6402 Low May 15 2020
  • SUP 3: 0.6373 Low May 4 2020
  • SUP 4: 0.6255 1.236 proj of the Apr 5 - May 12 - Jun 3 price swing

AUDUSD resumed its downtrend Monday. The outlook remains bearish and gains are considered corrective. Last week’s move lower resulted in a break of support at 0.6682, the Jul 14 low and bear trigger. The break strengthens bearish conditions and maintains the broader bearish price sequence of lower lows and lower highs. This has opened 0.6402 next, the May 15 2020 low. Initial firm resistance has been defined at 0.6747, the Sep 20 high.