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Holding Above Recent Lows

AUDUSD TECHS
  • RES 4: 0.7478 High Sep 3 and the bull trigger
  • RES 3: 0.7410 High Sep 10
  • RES 2: 0.7356 50-day EMA
  • RES 1: 0.7316 High Sep 23 and intraday high
  • PRICE: 0.7294 @ 06:48 BST Sep 24
  • SUP 1: 0.7220 Low Sep 20
  • SUP 2: 0.7194 76.4% retracement of the Aug 20 - Sep 3 rally
  • SUP 3: 0.7106 Low Aug 20 and the bear trigger
  • SUP 4: 0.7053 38.2% retracement of the Mar '20 - Feb uptrend

AUDUSD rebounded Thursday and is testing the 20-day EMA. This bounce needs to stick to reverse the near-term downtrend which for now remains intact and continues to target 0.7220 ahead of Fibonacci support at 0.7194. The bear trigger rests below at 0.7106, Aug 20 low - a break would confirm a resumption of the bear trend that started late February. Firm resistance is seen at 0.7356, the 50-day EMA.

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