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Key Support Pierced

  • RES 4: 0.7040 High Aug 16
  • RES 3: 0.7009 High Aug 26 and a key short-term resistance
  • RES 2: 0.6956 High Aug 30
  • RES 1: 0.6814/6916 20-day EMA / High Sep 13 and a key resistance
  • PRICE: 0.6703 @ 16:03 BST Sep 19
  • SUP 1: 0.6670 Low Sep 16
  • SUP 2 0.6647 0.764 proj of the Apr 5 - May 12 - Jun 3 price swing
  • SUP 3: 0.6612 Low May 29
  • SUP 4: 0.6568 Low May 27 2020

A bearish threat in AUDUSD remains present. The pair traded lower last week and breached support at 0.6699, the Sep 7 low. The focus is on 0.6682, the Jul 14 low, which was pierced Friday A clear break of this chart point would confirm a resumption of the broader downtrend, strengthen bearish conditions and open 0.6647 initially, a Fibonacci projection. The Sep 13 high of 0.6916 marks a key short-term resistance.

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