AUDUSD probes below daily cloud on extension of Thursday's steep fall
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
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
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Author
Slobodan Drvenica
Windsor Brokers
Industry veteran with over 22 years’ experience, Slobodan Drvenica joined Windsor Brokers in 1995 when he was an active trader for more than 10 years, managing the trading desk and own account departments.
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