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Range Breakout

AUDUSD TECHS
  • RES 4: 0.6630 High Aug 2
  • RES 3: 0.6616 High Aug 16
  • RES 2: 0.6522 High Aug 30 and Sep 1, and the key resistance
  • RES 1: 0.6422/6501 20-day EMA / High Sep 29
  • PRICE: 0.6291 @ 16:33 BST Oct 3
  • SUP 1: 0.6288 Low Oct 03
  • SUP 2: 0.6287 2.00 proj of the Jun 16 - Jun 29 - Jul 13 price swing
  • SUP 3: 0.6272 Low Nov 3 2022 and a key support
  • SUP 4: 0.6215 2.236 proj of the Jun 16 - Jun 29 - Jul 13 price swing

The AUDUSD started the week on a bearish note and the pair traded lower again Tuesday. Support at 0.6331, the Sep 27 low and bear trigger, has been breached. This highlights a range breakout and confirms a resumption of the downtrend that started early February. The move lower signals scope for an extension towards 0.6287 next, a Fibonacci projection. On the upside, key trend resistance is at 0.6522, the Aug 30 and Sep 1 high.

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