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Trendline Resistance Remains Intact

AUSSIE TECHS
  • RES 4: 0.7324 High Sep 21
  • RES 3: 0.7257 Trendline resistance drawn off the Sep 1 high
  • RES 2: 0.7235 High Sep 22
  • RES 1: 0.7209 High Oct 1 and the intraday high
  • PRICE: 0.7164 @ 10:45 BST Oct 6
  • SUP 1: 0.7100 Low Sep 30
  • 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

The recent AUDUSD climb is still considered a correction although the pair continues to hold onto its recent gains. An extension higher would expose trendline resistance that intersects at 0.7257. The trendline is drawn off the Sep 1 high. On the downside, a breach of 0.7100, Sep 30 low would signal a resumption of bearish pressure and this would open the bear trigger at 0.7006, Sep 25 low. A break of trendline resistance alters the picture.

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