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Holding Above Key Support

  • RES 4: 0.7464 High Jul 25, 2018
  • RES 3: 0.7414 High Sep 1 and the bull trigger
  • RES 2: 0.7362 76.4% retracement of the of the Sep 1 - 9 sell-off
  • RES 1: 0.7345 High Sep 16
  • PRICE: 0.7297 @ 10:50 BST Sep 17
  • SUP 1: 0.7248 Low Sep 10
  • SUP 2: 0.7192 Low Sep 9 and a key support
  • SUP 3: 0.7164 50-day EMA
  • SUP 4: 0.7136 Low Aug 20 and the bear trigger

AUDUSD traded higher yesterday but did find resistance at the day high of

0.7345. The outlook is bullish however a deeper pullback would highlight the risk of a stronger short-term correction and expose support at 0.7192, Sep 9 low. A break of this level is required to confirm a short-term bearish cycle. On the upside, clearance of yesterday's high of 0.7345 would again open key resistance at 0.7414, Sep 1 high.

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