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AUDUSD TECHS: Testing 200-dma

AUDUSD TECHS
  • RES 4: 0.6895 High Jul 13 / 14 2023    
  • RES 3: 0.6871 High Dec 28 and a key resistance                
  • RES 2: 0.6839 High Jan 02
  • RES 1: 0.6799 High Jul 11 
  • PRICE: 0.6600 @ 08:38 BST Jul 24
  • SUP 1: 0.6587 200-dma
  • SUP 2: 0.6584 Low Jul 24
  • SUP 3: 0.6576 Low Jun 10 and a key support
  • SUP 4: 0.6558 Low May 8

AUDUSD prices are again on the backfoot, adding to losses posted off the July 11 high. Spot has now closed below both the 50-day EMA and the 50-dma. This is a bearish development and exposes prices to a further correction toward 0.6576, the key support. The bull trigger is at 0.6799, the Jul 11 high. A break would resume the uptrend and pave the way for a climb towards 0.6839 next, the Jan 2 high. 

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