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Trend Outlook Remains Bearish

AUDUSD TECHS
  • RES 4: 0.6630 High Aug 2
  • RES 3: 0.6616 High Aug 16
  • RES 2: 0.6522 High Aug 30 and Sep 1, and the key resistance
  • RES 1: 0.6445/6501 High Oct 11 / High Sep 29
  • PRICE: 0.6334 @ 16:38 BST Oct 12
  • SUP 1: 0.6287 2.00 proj of the Jun 16 - Jun 29 - Jul 13 price swing
  • 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

AUDUSD remains bearish following last week’s breach of support at 0.6331, despite the broad strength posted across the past three sessions. Last week’s break of support confirmed a range breakout and a resumption of the downtrend that started early February. This signals scope for 0.6215 next, a Fibonacci projection. On the upside, key trend resistance is at 0.6522, the Aug 30 and Sep 1 high. Short-term gains are considered corrective.

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