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AUDUSD TECHS: Corrective Pullback Extends

AUDUSD TECHS
  • RES 4: 0.6900 High Jun 16 ‘23       
  • RES 3: 0.6871 High Dec 28 and a key resistance                  
  • RES 2: 0.6839 High Jan 2
  • RES 1: 0.6824 High Aug 29 and the bull trigger 
  • PRICE: 0.6710 @ 07:56 BST Sep 4
  • SUP 1: 0.6672 50-day EMA   
  • SUP 2: 0.6571 Low Aug 15 
  • SUP 3: 0.6508/6350 Low Aug 8/ 5 and the bear trigger 
  • SUP 4: 0.6339 Low Nov 10’23

A bull cycle in AUDUSD remains intact and the latest pullback is considered corrective. The pair has breached support at the 20-day EMA and this has exposed a more important support at 0.6672, the 50-day EMA. A break of this average is required to signal scope for a deeper retracement. For bulls, a reversal higher and a break of  0.6824, the Aug 29 high, would confirm a resumption of the uptrend.

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