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Trend Needle Still Points South

GBPUSD TECHS
  • RES 4: 0.6838 50-day EMA
  • RES 3: 0.6747 High Sep 20
  • RES 2: 0.6656 HIgh Sep 23
  • RES 1: 0.6550 Intraday high
  • PRICE: 0.6523 @ 10:02 BST Sep 26
  • SUP 1: 0.6484 Intraday low
  • SUP 2: 0.6464 61.8% retracement of the 2020 - 2021 bull leg
  • SUP 3: 0.6402 Low May 15 2020
  • SUP 4: 0.6373 Low May 4 2020

AUDUSD has resumed its downtrend today. Last week’s move lower resulted in a break of support at 0.6682, the Jul 14 low and bear trigger. The break strengthens bearish conditions and maintains the broader bearish price sequence of lower lows and lower highs. This has opened 0.6451 next, a Fibonacci projection. Initial firm resistance has been defined at 0.6747, the Sep 20 high.

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