AUDUSD TECHS: Impulsive Wave Likely To Extend

• RES 4: 0.6702 High Jul 22     
• RES 3: 0.6653 50-day EMA                
• RES 2: 0.6620 Low Jun 28 
• RES 1: 0.6583 High Jul 25  
• PRICE: 0.6533 @ 16:15 BST Jul 29
• 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 last week reinforces a bearish theme and signals scope for a continuation. 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 0.6653, the 50-day EMA.