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Selling Pressure Set To Dominate

AUSSIE TECHS
  • RES 4: 0.7235 High Sep 22
  • RES 3: 0.7192 Low Sep 9 and recent breakout level
  • RES 2: 0.7162 High 50-day EMA
  • RES 1: 0.7087 High Sep 25
  • PRICE: 0.7047 @ 10:49 BST Sep 28
  • SUP 1: 0.7006 Low Sep 25
  • SUP 2: 0.6965 38.2% retracement of the Mar - Sep rally
  • SUP 3: 0.6921 Low Jul 14
  • SUP 4: 0.6833 Low Jun 30

AUDUSD maintains a weaker tone following last week's sell-off and extension of the current corrective bearish phase. Price has cleared both the 50-day EMA as well as 0.7109, the Aug 12 low. This opens 0.7010, Jul 21 low and 0.6965. The latter is a Fibonacci retracement. Clearance of 0.6965 would open 0.6921, Jul 14 low. On the upside, initial firm resistance is seen at 0.7192, Sep 9 low and a recent breakout level.

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