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Tests Key Trendline Resistance

AUSSIE TECHS
  • RES 4: 0.7243 High Oct 10 and a key resistance
  • RES 3: 0.7218 High Oct 13
  • RES 2: 0.7158 High Oct 23
  • RES 1: 0.7132 Trendline resistance drawn off the Sep 1 high
  • PRICE: 0.7114 @ 10:53 GMT Nov 3
  • SUP 1: 0.7028 Intraday low
  • SUP 2: 0.6991 Low Nov 2
  • SUP 3: 0.6965 23.6% retracement of the Mar - Sep rally
  • SUP 4: 0.6941 2.0% 10-dma envelope

AUDUSD is firmer and has once again tested its key trendline resistance, at 0.7132 today. The trendline is drawn off the Sep 1 low and has capped gains a number of times since Sep 1. While it holds, the trend remains down. The recent break of support at 0.7006, Sep 25 low and 0.7002, Oct 29 low signals scope for 0.6965 next, a Fibonacci retracement. Clearance of the trendline would reverse the trend and expose potential 0.7243, Oct 10 high.

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