AUDUSD TECHS: Bears Pause For Breath
- RES 4: 0.6607 50-day EMA
- RES 3: 0.6656 High Sep 23
- RES 2: 0.6547 High Oct 4 and key resistance
- RES 1: 0.6363/6418 Low Sep 28 / 20-day EMA
- PRICE: 0.6291 @ 16:10 BST Oct 19
- SUP 1: 0.6170 Low Oct 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 is trading above its recent lows but maintains a bearish theme and short-term gains are considered corrective. The pair has recently cleared 0.6363, the Sep 28 low and bear trigger. This confirmed a resumption of the primary downtrend and the print below 0.6200 exposes 0.6133 next, a Fibonacci projection. On the upside, initial firm resistance to watch is 0.6418, the 20-day EMA.
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AUDUSD TECHS: Key Support Pierced
- RES 4: 0.7040 High Aug 16
- RES 3: 0.7009 High Aug 26 and a key short-term resistance
- RES 2: 0.6956 High Aug 30
- RES 1: 0.6814/6916 20-day EMA / High Sep 13 and a key resistance
- PRICE: 0.6703 @ 16:03 BST Sep 19
- SUP 1: 0.6670 Low Sep 16
- SUP 2 0.6647 0.764 proj of the Apr 5 - May 12 - Jun 3 price swing
- SUP 3: 0.6612 Low May 29
- SUP 4: 0.6568 Low May 27 2020
A bearish threat in AUDUSD remains present. The pair traded lower last week and breached support at 0.6699, the Sep 7 low. The focus is on 0.6682, the Jul 14 low, which was pierced Friday A clear break of this chart point would confirm a resumption of the broader downtrend, strengthen bearish conditions and open 0.6647 initially, a Fibonacci projection. The Sep 13 high of 0.6916 marks a key short-term resistance.
US STOCKS: Late Equity Roundup: Late Bid, Materials, Industrials Gaining
Stock indexes gaining in late FI trade, looking to test midmorning highs w/ Materials and Industrial sectors outperforming. Currently, SPX eminis trade +6.75 (0.17%) at 3896.25; DJIA +40.31 (0.13%) at 30859.88; Nasdaq +31.7 (0.3%) at 11478.42.
- SPX leading/lagging sectors: Rebounding from Fri's lows, Materials (+0.97%) and Industrials (+0.67%) sectors outperformed, the latter lead by transportation shares w/ airlines outpacing air freight and logistics, road and rail. Laggers: As noted, Health Care underperforming (-1.31%) w/ pharmaceutical names weighing: Moderna (MRNA) -9.13%; Real Estate (-0.89%) and Communication Services (-0.20%) follow.
- Dow Industrials Leaders/Laggers: Home Depot (HD) +2.38 at 278.35, Apple (AAPL) +2.21 at 152.91, Nike (NKE) +2.08 at 106.20. Laggers: Amgen (AMGN) -2.36 at 228.78, JNJ -2.35 at 165.25 and Merck (MRK) -1.62 at 86.0.
EURJPY TECHS: Corrective Pullback Still In Play
- RES 4: 147.56 2.50 proj of the Aug 2- 10 - 16 price swing
- RES 3: 146.97 2.382 proj of the Aug 2- 10 - 16 price swing
- RES 2: 146.23 2.236 proj of the Aug 2- 10 - 16 price swing
- RES 1: 144.48/45.64 High Sep 14 / 9 and the bull trigger
- PRICE: 143.49 @ 16:02 BST Sep 19
- SUP 1: 142.30 Low Sep 14
- SUP 2: 141.29 20-day EMA
- SUP 3: 139.74 50-day EMA
- SUP 4: 138.69 Low Sep 5
EURJPY remains below 145.64, the Sep 9 high. The outlook is bullish and the latest move lower is considered corrective. The recent break of 144.28, Jun 28 high and a major resistance, reinforced bullish conditions and confirmed a resumption of the uptrend that started in March 2022. This has opened 146.23, a Fibonacci projection. Initial firm support is seen at 141.29, the 20-day EMA. The 50-day EMA lies at 139.74 - a key support.
