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Approaching The Next Resistance

AUDUSD TECHS
  • RES 4: 0.7534 High Jul 7
  • RES 3: 0.7499 50.0% retracement of the May - Aug sell-off
  • RES 2: 0.7487 High Jul 15
  • RES 1: 0.7427 High Aug 4 and a key resistance
  • PRICE: 0.7418 @ 04:44 BST Sep 3
  • SUP 1: 0.7312 20-day EMA
  • SUP 2: 0.7285 Low Aug 30
  • SUP 3: 0.7222/7106 Low Aug 27 / Low Aug 20 and the bear trigger
  • SUP 4: 0.7053 38.2% retracement of the Mar '20 - Feb uptrend

AUDUSD continues to climb and now sits solidly above the 50-day EMA. A clear break of this average signals scope for a stronger bullish retracement with attention on 0.7427, the Aug 24 high and a key near-term resistance. Clearance of this hurdle would strengthen bullish conditions. On the downside, key support to watch is at 0.7222, Aug 27 low. A break would signal a reversal. Initial support is at 0.7312, the 20-day EMA.

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