Slobodan Drvenica
Windsor Brokers
Steep descend from Thursday extended today, surging through thin daily cloud, to post new two-weeks low at 0.7562 (100SMA and just ahead of 0.7558 (Fibo 76.4% of 0.7504/0.7732 ascend). Yesterday’s long bearish candle weighs on near-term structure, as completion of Failure Swing pattern on daily chart signals further weakness.
Rising daily 100SMA offered temporary support, above which the price is consolidating within narrow range.
Close below daily cloud (spanned between 0.7571/88) is needed to confirm bearish continuation which may extend towards key short-term support at 0.7504 (13 Oct trough) on stronger bearish acceleration.
Daily cloud top offers immediate resistance at 0.7588, ahead of session high at 0.7606 and first pivot at 0.7618 (daily Kijun-sen line). Upper breakpoint lies at 0.7647 (daily Tenkan-sen line which capped yesterday’s action) break of which will be bullish.
Res: 0.7588; 0.7618; 0.7647; 0.7672
Sup: 0.7562; 0.7528; 0.7504; 0.7476
Interested in AUDUSD technicals? Check out the key levels
The information contained in this document was obtained from sources believed to be reliable, but its accuracy or completeness cannot be guaranteed. Any opinions expressed herein are in good faith, but are subject to change without notice. No liability accepted whatsoever for any direct or consequential loss arising from the use of this document.
Recommended Content
Editors’ Picks
AUD/USD remained bid above 0.6500
AUD/USD extended further its bullish performance, advancing for the fourth session in a row on Thursday, although a sustainable breakout of the key 200-day SMA at 0.6526 still remain elusive.
EUR/USD faces a minor resistance near at 1.0750
EUR/USD quickly left behind Wednesday’s small downtick and resumed its uptrend north of 1.0700 the figure, always on the back of the persistent sell-off in the US Dollar ahead of key PCE data on Friday.
Gold holds around $2,330 after dismal US data
Gold fell below $2,320 in the early American session as US yields shot higher after the data showed a significant increase in the US GDP price deflator in Q1. With safe-haven flows dominating the markets, however, XAU/USD reversed its direction and rose above $2,340.
Bitcoin price continues to get rejected from $65K resistance as SEC delays decision on spot BTC ETF options
Bitcoin (BTC) price has markets in disarray, provoking a broader market crash as it slumped to the $62,000 range on Thursday. Meanwhile, reverberations from spot BTC exchange-traded funds (ETFs) continue to influence the market.
US economy: slower growth with stronger inflation
The dollar strengthened, and stocks fell after statistical data from the US. The focus was on the preliminary estimate of GDP for the first quarter. Annualised quarterly growth came in at just 1.6%, down from the 2.5% and 3.4% previously forecast.