AUDUSD TECHS: Key Resistance Remains Intact
- RES 4: 0.6630 High Aug 2
- RES 3: 0.6616 High Aug 16
- RES 2: 0.6522 High Aug 30 and Sep 1, and the key resistance
- RES 1: 0.6487 50-day EMA values
- PRICE: 0.6477 @ 07:56 BST Sep 29
- SUP 1: 0.6331 Low Sep 27 and the bear trigger
- SUP 2: 0.6287 2.00 proj of the Jun 16 - Jun 29 - Jul 13 price swing
- SUP 3: 0.6272 Low Nov 3 2022 and a key support
- SUP 4: 0.6215 2.236 proj of the Jun 16 - Jun 29 - Jul 13 price swing
AUDUSD reversed course yesterday and the pair is firmer again today. For now, short-term gains are considered corrective and the trend condition remains bearish. This week’s break of support at 0.6365, the Aug 17 low, highlights a resumption of the downtrend and opens 0.6287 next, a Fibonacci projection point. On the upside, key short-term trend resistance to watch is 0.6522, the Aug 30 and Sep 1 high. A break of this level would be bullish.
Want to read more?
Find more articles and bullets on these widgets:
Historical bullets
EQUITIES: US Emini drifts to session low.
- Emini drifts back towards flat on the day, targets a test to 4500.00.
- Despite the pullback, similar to Estoxx futures, contracts still trade at their highest levels in 2 weeks.
- Support in VGU3 moves up to 4329.00.
SONIA: Little Changed To A Touch Softer
SONIA futures are relatively resilient in the wake of the firmer than expected German NRW CPI data, with contracts through the blues running -1.5 to +0.5.
- Typically light volume, in line with the norms for this time of the day.
- Lower tier local data, in the form of credit and money supply, present the highlight of a limited local docket on Wednesday.
EURIBOR: Softer Post-NRW CPI
The Euribor strip is lower in the wake of the NRW CPI data but has stabilised off of initial reaction lows.
- The strip runs 2.0-6.0bp cheaper through the blues.
- The back end of the whites and front end of the reds lead the move, while the blues lag during the sell off.
- Regional German CPI data will continue to filter out ahead of the preliminary national release this afternoon, with preliminary Spanish CPI also due.
