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Approaching The 50-Day EMA

AUDUSD TECHS
  • RES 4: 0.7499 60.0% retracement of the May - Aug sell-off
  • RES 3: 0.7487 High Jul 15
  • RES 2: 0.7427 High Aug 4 and a key resistance
  • RES 1: 0.7385/89 50-day EMA / High Aug 11
  • PRICE: 0.7373 @ 06:43 BST Sep 2
  • SUP 1: 0.7285 Low Aug 30
  • SUP 2: 0.7222/7106 Low Aug 27 / Low Aug 20 and the bear trigger
  • SUP 3: 0.7053 38.2% retracement of the Mar '20 - Feb uptrend
  • SUP 4: 0.6991 Low Nov 2, 2020

AUDUSD maintains a firmer tone and traded higher yesterday. The pair has cleared the 20-day EMA and is approaching the 50-day EMA at 0.7385. A clear break of this average would signal scope for a stronger bullish retracement. Recent gains are still considered corrective though. Support to watch is at 0.7222, Aug 27 low. A break would highlight a resumption of weakness and expose key support at 0.7106, Aug 20 low.

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