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Bear Threat Remains Present

AUDUSD TECHS
  • RES 4: 0.7137 High Aug 11
  • RES 3: 0.7040 High Aug 16
  • RES 2: 0.7009 High Aug 26 and a key short-term resistance
  • RES 1: 0.6956 50-day EMA and Tuesday’s high
  • PRICE: 0.6893 @ 08:06 BST Aug 31
  • SUP 1: 0.6841 Low Aug 29
  • SUP 2: 0.6789 76.4% retracement of the Jul 14 - Aug 11 upleg
  • SUP 3: 0.6719 Low Jul 15
  • SUP 4: 0.6682 14 and the bear trigger

A bearish threat in AUDUSD remains present. Tuesday’s intraday rally swiftly reversed into the close and attention is on Monday’s low of 0.6841. A breach of this level would strengthen bearish conditions and confirm a resumption of bear leg that started Aug 11. This would pave the way for a move towards 0.6789, a Fibonacci retracement. On the upside, key short-term resistance has been defined at 0.7009, Aug 26 high.

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  • RES 4: 0.7137 High Aug 11
  • RES 3: 0.7040 High Aug 16
  • RES 2: 0.7009 High Aug 26 and a key short-term resistance
  • RES 1: 0.6956 50-day EMA and Tuesday’s high
  • PRICE: 0.6893 @ 08:06 BST Aug 31
  • SUP 1: 0.6841 Low Aug 29
  • SUP 2: 0.6789 76.4% retracement of the Jul 14 - Aug 11 upleg
  • SUP 3: 0.6719 Low Jul 15
  • SUP 4: 0.6682 14 and the bear trigger

A bearish threat in AUDUSD remains present. Tuesday’s intraday rally swiftly reversed into the close and attention is on Monday’s low of 0.6841. A breach of this level would strengthen bearish conditions and confirm a resumption of bear leg that started Aug 11. This would pave the way for a move towards 0.6789, a Fibonacci retracement. On the upside, key short-term resistance has been defined at 0.7009, Aug 26 high.