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Underlying Bearish Theme Still Intact

  • RES 4: 0.7324 High Sep 21
  • RES 3: 0.7270 Trendline resistance drawn off the Sep 1 high
  • RES 2: 0.7235 High Sep 22
  • RES 1: 0.7209 High Oct 1
  • PRICE: 0.7149 @ 06:19 BST Oct 2
  • 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

AUDUSD gains this week are likely a correction. Initial resistance at 0.7192, Sep 9 low was breached yesterday and an extension higher would open the trendline resistance that intersects at 0.7270. The trendline is drawn off the Sep 1 high. The pair is lower this morning however and further weakness would refocus attention on 0.7100 , Sep 30 low and the key short-term bear trigger at 0.7006, Sep 25 low. A trendline break would alter the picture.

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