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AUDUSD TECHS: Resistance Remains Intact For Now

AUDUSD TECHS
  • RES 4: 0.6702 High Jul 22     
  • RES 3: 0.6617 50-day EMA                
  • RES 2: 0.6582 20-day EMA 
  • RES 1: 0.6580 High Aug 8   
  • PRICE: 0.6570 @ 15:57 BST Aug 8
  • 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. The pair initially traded sharply lower Monday, before finding support. Price action is volatile and continues to recover. Monday’s low print highlights a test of key support at 0.6463, the Apr 19 low. A clear break would reinforce a bearish theme and open 0.6339, the Nov 10 ‘23 low. Initial resistance is at 0.6589, the 20-day EMA. Gains are considered corrective.    

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