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Stalls At Trendline Resistance

AUSSIE TECHS
  • RES 4: 0.7324 High Sep 21
  • RES 3: 0.7258 61.8% retracement of the Sep 1 - 25 decline
  • RES 2: 0.7243 High Oct 10 and a key resistance
  • RES 1: 0.7157/58 Trendline drawn off the Sep 1 high / High Oct 23
  • PRICE: 0.7105 @ 10:06 GMT Oct 28
  • SUP 1: 0.7085 Low Oct 22
  • SUP 2: 0.7021 Low Oct 20
  • SUP 3: 0.7006 Low Sep 25 and the bear trigger
  • SUP 4: 0.6965 23.6% retracement of the Mar - Sep rally

AUDUSD outlook is bearish. The Aussie continues to trade below trendline resistance drawn off the Sep 1 high. The line intersects at 0.7157 and represents a key resistance. It was tested earlier today and has remained intact, capping gains. While the trendline holds, a bearish theme remains intact with attention on key support and bear trigger at 0.7006, Sep 25 low. A trendline break would signal a reversal and open 0.7243, Oct 10 high.

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