Free Trial

RBA Prompts Weakness

AUDUSD TECHS
  • RES 4: 0.7591 61.8% of the May - Aug sell-off / High Jul 13
  • RES 3: 0.7534 High Jul 7
  • RES 2: 0.7499/7503 50.0% of the May - Aug sell-off / High Jul 13
  • RES 1: 0.7478 High Sep 3
  • PRICE: 0.7387 @ 15:59 BST Sep 7
  • SUP 1: 0.7337 20-day EMA
  • SUP 2: 0.7285 Low Aug 30
  • SUP 3: 0.7222/7106 Low Aug 27 / Low Aug 20 and the bear trigger
  • SUP 4: 0.7053 38.2% retracement of the Mar '20 - Feb uptrend

The RBA decision worked against the previous bullish tone, pressing the rate through the 50-day EMA support. This works against the uptrend which had targeted 0.7503, Jul 13 high and remains a key near-term hurdle for bulls. Key support to watch is at 0.7222, Aug 27 low. A break would signal a reversal. Initial support is at 0.7337.

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.