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Heading South
- RES 4: 0.6632 50-day EMA
- RES 3: 0.6656 High Sep 23
- RES 2: 0.6547 High Oct 4 and key resistance
- RES 1: 0.6363/6445 Low Sep 28 / 20-day EMA
- PRICE: 0.6238 @ 06:39 BST Oct 17
- SUP 1: 0.6170 Low Oct 13
- SUP 2: 0.6133 1.382 proj of the Apr 5 - May 12 - Jun 3 price swing
- SUP 3: 0.6099 76.4% retracement of the 2020 - 2021 bull cycle
- SUP 4: 0.6035 1.50 proj of the Apr 5 - May 12 - Jun 3 price swing
AUDUSD traded lower last Thursday before rebounding from the day low. A bearish theme remains intact and short-term gains are considered corrective. The pair has recently cleared 0.6363, the Sep 28 low and bear trigger. The break confirms a resumption of the primary downtrend and the print below 0.6200 exposes 0.6133 next, a Fibonacci projection. On the upside, initial firm resistance to watch is 0.6445, the 20-day EMA.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.