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All Eyes On Support

  • RES 4: 0.7356 High Dec 5, 2018
  • RES 3: 0.7295 High Jan 2019
  • RES 2: 0.7276/84 High Aug 19 / High Feb 2019
  • RES 1: 0.7216 High Aug 21
  • PRICE: 0.7173 @ 16:47 BST Aug 25
  • SUP 1: 0.7136/09 Low Aug 20 / Low Aug 12 and the bear trigger
  • SUP 2: 0.7076 Low Aug 3 and a key support
  • SUP 3: 0.7064 Low Jul 24
  • SUP 4: 07046 50-dma
AUDUSD consolidated throughout the Tuesday trading session and holds below last week's high of 0.7276 on Aug 19. The move lower on Aug 19 is a potentially important S/T bearish threat and signals the possible start of a correction. The daily pattern on this day is a bearish engulfing candle and is reinforced by bearish divergence between price and momentum. Key resistance and the bull trigger is 0.7276. Watch support though at 0.7109, Aug 12 low and bear trigger.
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