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Key Resistance Remains Intact

AUDUSD TECHS
  • RES 4: 0.6630 High Aug 2
  • RES 3: 0.6616 High Aug 16
  • RES 2: 0.6522 High Aug 30 and Sep 1, and the key resistance
  • RES 1: 0.6501/6487 High Sep29 / 50-day EMA
  • PRICE: 0.6460 @ 15:49 BST Sep 29
  • SUP 1: 0.6331 Low Sep 27 and the bear trigger
  • SUP 2: 0.6287 2.00 proj of the Jun 16 - Jun 29 - Jul 13 price swing
  • SUP 3: 0.6272 Low Nov 3 2022 and a key support
  • SUP 4: 0.6215 2.236 proj of the Jun 16 - Jun 29 - Jul 13 price swing

AUDUSD reversed course Thursday and the pair traded firmer again Friday. For now, short-term gains are considered corrective and the trend condition remains bearish. This week’s break of support at 0.6365, the Aug 17 low, highlights a resumption of the downtrend and opens 0.6287 next, a Fibonacci projection point. On the upside, key short-term trend resistance to watch is 0.6522, the Aug 30 and Sep 1 high. A break of this level would be bullish.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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