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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: 0.6294 @ 16:22 BST Oct 13
  • 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 the recent breach of support at 0.6331, despite the broad strength posted across the early half of the week. 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.

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

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