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Approaching Key Support

AUDUSD TECHS
  • RES 4: 0.7040 High Aug 16
  • RES 3: 0.7009 High Aug 26 and a key short-term resistance
  • RES 2: 0.6926 50-day EMA
  • RES 1: 0.6833/6879 High Sep 6 / 20-day EMA
  • PRICE: 0.6728 @ 17:02 BST Sep 7
  • SUP 1: 0.6699 Low Sep 7
  • SUP 2: 0.6682 Low Jul 14 and the bear trigger
  • SUP 3: 0.6647 0.764 proj of the Apr 5 - May 12 - Jun 3 price swing
  • SUP 4: 0.6612 Low May 29

A bearish theme in AUDUSD remains intact. The extension lower last week strengthened bearish conditions and confirmed a resumption of the bear leg that started Aug 11. The move lower this week reinforces the bearish theme. Attention is on 0.6682, the Jul 14 low and a key support plus an important bear trigger. A break would confirm a resumption of the broader downtrend. Key short-term resistance is unchanged at 0.7009, Aug 26 high.

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