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Pulls Away From Trendline Resistance

AUSSIE TECHS
  • RES 4: 0.7318 High Sep 21
  • RES 3: 0.7258 61.8% retracement September Sell-Off
  • RES 2: 0.7243 High Oct 10 and the intraday bull trigger
  • RES 1: 0.7220 Trendline resistance drawn off the Sep 1 high
  • PRICE: 0.7168 @ 06:13 BST Oct 14
  • SUP 1: 0.7150 Low Oct 13
  • SUP 2: 0.7096 Low Oct 7 and the near-term bear trigger
  • SUP 3: 0.7070 Low Sep 29
  • SUP 4: 0.7006 Low Sep 25 and the bear trigger

AUDUSD rallied Friday clearing resistance at 0.7209, Oct 1 and 6 high. This brought the pair into contact with trendline resistance drawn off the Sep 1 high. The line intersects at 0.7220 today. A move above Friday's high of 0.7243 would confirm a breach of the line and reinforce S/T bullish conditions, opening 0.7258, a Fibonacci retracement. Tuesday's print below support at 0.7161, Sep 9 low however signals a failure at the trendline.

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