Free Trial

Bearish Extension

AUDUSD TECHS
  • RES 4: 0.7246 High Jun 7
  • RES 3: 0.7166 3.0% Upper Bollinger Band
  • RES 2: 0.7137 High Aug 11
  • RES 1: 0.6978/7040 50-day EMA / High Aug 16
  • PRICE: 0.6928 @ 17:04 BST Aug 18
  • SUP 1: 0.6899/6870 Low Aug 18 / 5 and key support
  • 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

AUDUSD traded lower again Thursday and remains soft as the pair extends the retracement from last week’s high of 0.7137 (Aug 11). A continuation lower would expose support at 0.6870, the Aug 5 low. Clearance of this level would undermine the recent bull theme and signal scope for a deeper pullback. Initial firm resistance has been defined at 0.7040, the Aug 16 high where a break is required to ease the current bearish pressure.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.