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Heavy And Approaching Key Support

AUSSIE TECHS
  • RES 4: 0.7243 High Oct 10 and the intraday bull trigger
  • RES 3: 0.7194 Trendline resistance drawn off the Sep 1 high
  • RES 2: 0.7170 High Oct 15
  • RES 1: 0.7115 High Oct 19
  • PRICE: 0.7044 @ 06:14 BST Oct 20
  • SUP 1: 0.7029 Low Sep 28
  • SUP 2: 0.7006 Low Sep 25 and the bear trigger
  • SUP 3: 0.6965 23.6% retracement of the Mar - Sep rally
  • SUP 4: 0.6931 0.764 projection of Sep 1 - 25 sell-off from Oct 9 high

AUDUSD remains vulnerable and has traded lower overnight. On Oct 9, the pair cleared resistance at 0.7209, Oct 1 and 6 high resulting in a test of trendline resistance drawn off the Sep 1 high. The line intersects at 0.7194. The failure at the trendline is weighing on the Aussie and the scene is set for a deeper pullback. Attention is on the primary support and bear trigger at 0.7006, Sep 25 low. A trendline break would alter the picture.

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