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Bear Trend Exposes Key Support

AUDUSD TECHS
  • RES 4: 0.7040 High Aug 16
  • RES 3: 0.7009 High Aug 26 and a key short-term resistance
  • RES 2: 0.6940 50-day EMA
  • RES 1: 0.6855/6904 High Sep 2 / 20-day EMA
  • PRICE: 0.6784 @ 06:59 BST Sep 5
  • SUP 1: 0.6771 Low Sep 1
  • SUP 2: 0.6719 Low Jul 15
  • SUP 3: 0.6682 Low Jul 14 and the bear trigger
  • SUP 4: 0.6647 0.764 proj of the Apr 5 - May 12 - Jun 3 price swing

A bearish theme in AUDUSD remains intact and the pair is trading at its recent lows. The extension lower last week strengthens bearish conditions and confirms a resumption of the bear leg that started Aug 11. Price has breached 0.6789, 76.4% of the Jul 14 - Aug 11 upleg. This opens 0.6682, the Jul 14 low and a key support. On the upside, key short-term resistance is unchanged at 0.7009, Aug 26 high.

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