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Resumes Its Downtrend

AUDUSD TECHS
  • RES 4: 0.6713 50-day EMA
  • RES 3: 0.6656 High Sep 23
  • RES 2: 0.6547 High Oct 4
  • RES 1: 0.6432 High Oct 7
  • PRICE: 0.6303 @ 20:18 BST Oct 10
  • SUP 1: 0.6283 Low Apr 23 2020
  • SUP 2: 0.6255 1.236 proj of the Apr 5 - May 12 - Jun 3 price swing
  • SUP 3: 0.6200 Round number support
  • SUP 4: 0.6133 1.382 proj of the Apr 5 - May 12 - Jun 3 price swing

AUDUSD has weakened today and traded through support at 0.6363, the Sep 28 low and bear trigger. The break confirms a resumption of the primary downtrend and maintains the bearish price sequence of lower lows and lower highs. This opens 0.6283 next, the Apr 23 2020 low and 0.6255, a Fibonacci projection. On the upside, initial firm resistance has been defined at 0.6547, the Oct 4 high.

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