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Pulls Further Away From Trendline Resistance

AUSSIE TECHS
  • RES 4: 0.7258 61.8% retracement September Sell-Off
  • RES 3: 0.7243 High Oct 10 and the intraday bull trigger
  • RES 2: 0.7213 Trendline resistance drawn off the Sep 1 high
  • RES 1: 0.7170 Intraday high
  • PRICE: 0.7077 @ 10:56 BST Oct 15
  • SUP 1: 0.7067 Intraday low
  • SUP 2: 0.7029 Low Sep 28
  • SUP 3: 0.7006 Low Sep 25 and the bear trigger
  • SUP 4: 0.6965 23.6% retracement of the Mar - Sep rally

AUDUSD is sharply lower this morning. 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. A failure to clear the trendline is weighing and with support at 0.7096, Oct 7 low cleared this morning, the scene is set for a deeper pullback. Attention turns to the primary support and bear trigger at 0.7006, Sep 25 low. 0.7170 is first resistance.

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