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COPPER TECHS

(Z1) Bear Channel Top Caps Gains

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GOLD

Precious Metals Nearing Support

Testing Trendline Resistance

AUSSIE TECHS
  • RES 4: 0.7318 76.4% retracement September Sell-Off
  • RES 3: 0.7318 High Sep 21
  • RES 2: 0.7258 61.8% retracement September Sell-Off
  • RES 1: 0.7243 High Oct 10 and the intraday bull trigger
  • PRICE: 0.7234 @ 06:24 BST Oct 12
  • SUP 1: 0.7160 20-day EMA
  • SUP 2: 0.7096 Low Oct 7 and the intraday bear trigger
  • SUP 3: 0.7070 Low Sep 29
  • SUP 4: 0.7006 Low Sep 25 and the bear trigger

AUDUSD rallied sharply higher Friday clearing resistance at 0.7209, Oct 1 and 6 high. This has brought the pair into contact with trendline resistance drawn off the Sep 1 high. The line intersects at 0.7232 today. A move above Friday's high of 0.7243, would confirm a breach of the line and reinforce S/T bullish conditions, opening 0.7258, a Fibonacci retracement. Initial support is at 0.7160, a break would highlight a possible failure at the trendline.