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Bearish Price Activity

AUDUSD TECHS
  • RES 4: 0.6847 High Jul 20
  • RES 3: 0.6821 High Jul 27
  • RES 2: 0.6737 20-day EMA
  • RES 1: 0.6714 High Jul 28
  • PRICE: 0.6691 @ 08:06 BST Jul 31
  • SUP 1: 0.6619 Low Jul 7
  • SUP 2: 0.6596 Low Jun 29 and key support
  • SUP 3: 0.6562 76.4% retracement of the May 31 - Jun 16 rally
  • SUP 4: 0.6485 Low Jun 1

AUDUSD traded sharply lower Friday, extending the reversal from last Thursday’s 0.6821 high. The move down reinforces a bearish theme and note that the pair has breached both the 20- and 50-day EMAs. This signals scope for weakness towards the next key support at 0.6596, the Jun 29 low. On the upside, key short-term resistance has been defined at 0.6821, where a break is required to reinstate a bullish theme.

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