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Selling Pressure Set To Extend

AUSSIE TECHS
  • RES 4: 0.7345 High Sep 16 and a key resistance
  • RES 3: 0.7235 High Sep 22
  • RES 2: 0.7192 Low Sep 9 and recent breakout level
  • RES 1: 0.7087 High
  • PRICE: 0.7012 @ 16:38 BST Sep 25
  • 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 the week's extension of the current bearish phase. The recent move lower confirmed the start of a short-term correction. 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. On the upside, initial firm resistance is seen at 0.7192, Sep 9 low and a recent breakout level.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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