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Bear Cycle Still Intact

AUDUSD TECHS
  • RES 4: 0.6723 High Aug 1
  • RES 3: 0.6609 50-day EMA
  • RES 2: 0.6522 20-day EMA
  • RES 1: 0.6480 High Aug 16
  • PRICE: 0.6431 @ 07:56 BST Aug 23
  • SUP 1: 0.6365 Low Aug 17
  • SUP 2: 0.6285 Low Nov 4 2022
  • SUP 3: 0.6272 Low Nov 3 2022 and a key support
  • SUP 4: 0.6215 2.236 proj of the Jun 16 - Jun 29 - Jul 13 price swing

The AUDUSD trend outlook remains bearish and the latest recovery appears to be a correction. The pair has recently breached support at 0.6458, the May 31 low and a bear trigger. This strengthens the downtrend and paves the way for weakness towards 0.6285 next, the Nov 4 2022 low. On the upside, firm resistance is seen at the 20-day EMA - at 0.6522. The 50-day EMA is at 0.6609.

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