Free Trial

Off Lows As Correction Extends

AUDUSD TECHS
  • RES 4: 0.6616 High Aug 16
  • RES 3: 0.6522 High Aug 30 and Sep 1, and the key resistance
  • RES 2: 0.6445/6501 High Oct 11 / High Sep 29
  • RES 1: 0.6406 50-day EMA
  • PRICE: 0.6336 @ 17:13 GMT Oct 31
  • SUP 1: 0.6272/70 Low Nov 3 2022 / Oct 26 and key support
  • SUP 2: 0.6215 2.236 proj of the Jun 16 - Jun 29 - Jul 13 price swing
  • SUP 3: 0.6170 Low Oct 13 2022 and a key support
  • SUP 4: 0.6135 2.50 proj of the Jun 16 - Jun 29 - Jul 13 price swing

Short-term gains in AUDUSD are considered corrective. The trend outlook is bearish and last week’s low print reinforces current conditions. Price has pierced 0.6286, Oct 3 / 13 low. A clear break of it would confirm a resumption of the downtrend and open 0.6215, a Fibonacci projection. Key trend resistance is at 0.6522, Aug 30 and Sep 1 high. Clearance of this level is required to highlight a reversal. Initial resistance is 0.6406, the 50-day EMA.

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

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.