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Supports 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: 0.7175 @ 16:43 BST Sep 22
  • SUP 1: 0.7165 Low Sep 22
  • SUP 2: 0.7136 Low Aug 20
  • SUP 3: 0.7132 3.0% Lower Bollinger Band
  • 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. The move lower has exposed 0.7176, the 50-day EMA and a key support area. A clear breach of this average would reinforce the developing bearish set-up and open 0.7136, Aug 20 low. 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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