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AUDUSD TECHS: Bearish Outlook

AUDUSD TECHS
USForeign Exchange Technical AnalysisAPACAustraliaBulletGlobalForeign Exchange BulletsRegionNorth America
  • RES 4: 0.6702 High Jul 22     
  • RES 3: 0.6657 50-day EMA                
  • RES 2: 0.6620 Low Jun 28 
  • RES 1: 0.6583 High Jul 25  
  • PRICE: 0.6552 @ 15:35 BST Jul 26
  • SUP 1: 0.6515 Low Jul 25
  • SUP 2: 0.6466 76.4% retracement of the Apr 19 - Jul 11 bull phase   
  • SUP 3: 0.6441 Low Apr 23  
  • SUP 4: 0.6407 Low Apr 22 

A sharp sell-off in AUDUSD this week reinforces a bearish theme. The move down has resulted in a break of support at 0.6576, the Jun 10 low. A resumption of the bear leg would pave the way for a move towards 0.6466, a Fibonacci retracement point. From a near-term perspective, the pair is oversold. A recovery would allow this condition to unwind. Key short-term resistance is seen at 0.6657, the 50-day EMA.

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  • RES 4: 0.6702 High Jul 22     
  • RES 3: 0.6657 50-day EMA                
  • RES 2: 0.6620 Low Jun 28 
  • RES 1: 0.6583 High Jul 25  
  • PRICE: 0.6552 @ 15:35 BST Jul 26
  • SUP 1: 0.6515 Low Jul 25
  • SUP 2: 0.6466 76.4% retracement of the Apr 19 - Jul 11 bull phase   
  • SUP 3: 0.6441 Low Apr 23  
  • SUP 4: 0.6407 Low Apr 22 

A sharp sell-off in AUDUSD this week reinforces a bearish theme. The move down has resulted in a break of support at 0.6576, the Jun 10 low. A resumption of the bear leg would pave the way for a move towards 0.6466, a Fibonacci retracement point. From a near-term perspective, the pair is oversold. A recovery would allow this condition to unwind. Key short-term resistance is seen at 0.6657, the 50-day EMA.