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Remains Below Trendline Resistance

AUSSIE TECHS
  • RES 4: 0.7243 High Oct 10 and the intraday bull trigger
  • RES 3: 0.7182 Trendline resistance drawn off the Sep 1 high
  • RES 2: 0.7170 High Oct 15
  • RES 1: 0.7137 High Oct 21
  • PRICE: 0.7095 @ 10:45 BST Oct 22
  • SUP 1: 0.7021 Low Oct 20
  • SUP 2: 0.7006 Low Sep 25 and the bear trigger
  • SUP 3: 0.6965 23.6% retracement of the Mar - Sep rally
  • SUP 4: 0.6931 0.764 projection of Sep 1 - 25 sell-off from Oct 9 high

AUDUSD remains vulnerable despite yesterday's decent recovery. The pair continues to trade below trendline resistance drawn off the Sep 1 high. The line intersects at 0.7182 and the recent failure at the trendline continues to weigh on the pair. Attention is on the primary support and bear trigger at 0.7006, Sep 25 low. A trendline resistance break is needed to alter the picture and signal a stronger reversal.

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