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Support Under Pressure

AUSSIE TECHS
  • RES 4: 0.7464 High Jul 25, 2018
  • RES 3: 0.7414 High Sep 1 and the bull trigger
  • RES 2: 0.7362 76.4% retracement of the of the Sep 1 - 9 sell-off
  • RES 1: 0.7345 High Sep 16
  • PRICE: 0.7217 @ 07:10 BST Sep 22
  • SUP 1: 0.7192 Low Sep 9, intraday low and a key support
  • SUP 2: 0.7176 50-day EMA
  • SUP 3: 0.7136 Low Aug 20
  • SUP 4: 0.7109 Low Aug 12

AUDUSD found resistance on Sep 16 at 0.7345. The outlook is bullish however Monday's sell-off signals scope for a short-term correction, with support at 0.7192, Sep 9 low, the initial target. A break of this level would confirm a short-term bearish cycle. This would expose 0.7176, the 50-day EMA and a key support area. On the upside, clearance of 0.7345 would again open key resistance at 0.7414, Sep 1 high and the bull trigger.

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