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Tops Trendline

AUSSIE TECHS
  • RES 4: 0.7324 High Sep 21
  • RES 3: 0.7258 61.8% September Sell-Off
  • RES 2: 0.7240 High Oct 9
  • RES 1: 0.7238 Trendline resistance drawn off the Sep 1 high
  • PRICE: 0.7238 @ 17:41 BST Oct 9
  • SUP 1: 0.7096 Low Oct 7 and the intraday bear trigger
  • SUP 2: 0.7070 Low Sep 29
  • SUP 3: 0.7006 Low Sep 25 and the bear trigger
  • SUP 4: 0.6965 38.2% retracement of the Mar - Sep rally

AUDUSD firmed further Friday, topping the trendline resistance drawn off the Sep 1 high at 0.7238. This opens a further recovery to 0.7324. This week's run higher comes against the Oct 6 bearish reversal pattern that initially signalled an end of the correction since Sep 25. For market to re-engage with the bearish theme, markets need to clear 0.7006, Sep 25 low.

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