AUDUSD TECHS: Recovery Extends

• RES 4: 0.6744 High Jul 18     
• RES 3: 0.6693 76.4% retracement of the Jul 11 - Aug 5 bear leg                 
• RES 2: 0.6646 High Jul 23  
• RES 1: 0.6616 50-day EMA   
• PRICE: 0.6576 @ 16:33 BST Aug 9
• SUP 1: 0.6472/6350 Low Aug 6 / 5 
• SUP 2: 0.6339 Low Nov 10’23   
• SUP 3: 0.6315 Low Oct 31 ‘23   
• SUP 4: 0.6270 Low Oct 26 ‘23 and a key support  

A bearish theme is AUDUSD remains intact. However, from a short-term perspective, a corrective cycle is in play and the pair continues to appreciate this week. Price is through the 20-day EMA and attention turns to the 50-day EMA, at 0.6616. A clear break of this average would undermine a bearish theme and signal scope for stronger gains. For bears, a reversal would refocus attention on the Aug 5 low and bear trigger, at 0.6350.