Free Trial

Trendline Resistance Remains Intact

AUSSIE TECHS
  • RES 4: 0.7324 High Sep 21
  • RES 3: 0.7245 Trendline resistance drawn off the Sep 1 high
  • RES 2: 0.7235 High Sep 22
  • RES 1: 0.7209 High Oct 1 / 6
  • PRICE: 0.7147 @ 06:16 BST Oct 8
  • SUP 1: 0.7096 Low Oct 7
  • 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 likely a correction and Tuesday's sell-off reinforces this outlook. The sharp sell-off signalled the end of the correction and if correct, highlights risk for a move lower that would expose key support at 0.7006, Sep 25 low. Clearance of this support would confirm a resumption of the September downleg. Initial resistance is at 0.7209, Oct 1 and 6 high. Key trendline resistance drawn off the Sep 1 high intersects at 0.7245.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.