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Pulls Further 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: 0.7213 Trendline resistance drawn off the Sep 1 high
  • PRICE: 0.7134 @ 06:18 BST Oct 15
  • SUP 1: 0.7124 Intraday low
  • 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 is trading lower. On Oct 9, the pair cleared resistance at 0.7209, Oct 1 and 6 high resulting in a test of trendline resistance drawn off the Sep 1 high. The line intersects at 0.7213 today. Clearance of the Oct 9 high of 0.7243 would confirm a breach of the line and reinforce bullish conditions, opening 0.7258, a Fibonacci level. The break below 0.7161, Sep 9 low, does however signal a failure at the trendline. The next support lies at 0.7096.

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