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AUDUSD TECHS: Tests Key Support

AUDUSD TECHS
  • RES 4: 0.6702 High Jul 22     
  • RES 3: 0.6625 50-day EMA                
  • RES 2: 0.6596 20-day EMA 
  • RES 1: 0.6560 High Aug 1  
  • PRICE: 0.6511 @ 16:38 BST Aug 6
  • SUP 1: 0.6350 Low Aug 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 and the pair initially traded sharply lower Monday, before recovering. Price action is volatile. Monday’s low print highlights a test of key support at 0.6463, the Apr 19 low. A clear break of this level would reinforce a bearish theme and signal scope for an extension towards 0.6339, the Nov 10 ‘23 low. Initial resistance is at 0.6560, the Aug 1 high.    

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