August 09, 2024 19:30 GMT
AUDUSD TECHS: Recovery Extends
AUDUSD TECHS
- 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.
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