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Trend Needle Points South

AUDUSD TECHS
  • RES 4: 0.6616 High Aug 16
  • RES 3: 0.6522 High Aug 30 and Sep 1, and the key resistance
  • RES 2: 0.6445/6501 High Oct 11 / High Sep 29
  • RES 1: 0.6393 High Oct 18
  • PRICE: 0.6331 @ 16:11 BST Oct 23
  • SUP 1: 0.6286 Low Oct 3 / 13 and the bear trigger
  • SUP 2: 0.6272 Low Nov 3 2022 and a key support
  • SUP 3: 0.6215 2.236 proj of the Jun 16 - Jun 29 - Jul 13 price swing
  • SUP 4: 0.6170 Low Oct 13 2022 and a key support

A bearish threat in AUDUSD remains present and attention is on 0.6286, the Oct 3 / 13 low. A clear break of this support and bear trigger, would confirm a resumption of the trend and open 0.6215, a Fibonacci projection. Key trend resistance is unchanged at 0.6522, the Aug 30 and Sep 1 high. A break is required to highlight a reversal. Initial resistance to watch is at 0.6393, the Oct 18 high.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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