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Watching The 20-Day EMA

  • RES 4: 0.6656 High Sep 23
  • RES 3: 0.6573 50-day EMA
  • RES 2: 0.6547 High Oct 4 and key resistance
  • RES 1: 0.6391/6411 20-day EMA / Intraday high
  • PRICE: 0.6328 @ 08:10 BST Oct 24
  • SUP 1: 0.6210/6170 Low Oct 21 / 13
  • SUP 2: 0.6133 1.382 proj of the Apr 5 - May 12 - Jun 3 price swing
  • SUP 3: 0.6099 76.4% retracement of the 2020 - 2021 bull cycle
  • SUP 4: 0.6035 1.50 proj of the Apr 5 - May 12 - Jun 3 price swing

AUDUSD gains are considered corrective. A bearish theme remains intact and moving average studies continue to highlight bearish sentiment. Price has recently cleared 0.6363, Sep 28 low and a bear trigger. This confirmed a resumption of the primary downtrend and exposes 0.6133 next, a Fibonacci projection. On the upside, initial firm resistance to watch is 0.6391, the 20-day EMA. It has been pierced although the price is below the EMA once again.

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