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Bearish Threat

AUDUSD TECHS
  • RES 4: 0.7246 High Jun 7
  • RES 3: 0.7176 3.0% Upper Bollinger Band
  • RES 2: 0.7137 High Aug 11
  • RES 1: 0.6968/7040 50-day EMA / High Aug 16
  • PRICE: 0.6944 @ 16:49 BST Aug 23
  • SUP 1: 0.6859 Low Aug 19
  • 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 remains soft despite Tuesday’s bounce, with the pair extending the retracement from 0.7137, the Aug 11 high. The move lower last week resulted in a print below 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.

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  • RES 4: 0.7246 High Jun 7
  • RES 3: 0.7176 3.0% Upper Bollinger Band
  • RES 2: 0.7137 High Aug 11
  • RES 1: 0.6968/7040 50-day EMA / High Aug 16
  • PRICE: 0.6944 @ 16:49 BST Aug 23
  • SUP 1: 0.6859 Low Aug 19
  • 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 remains soft despite Tuesday’s bounce, with the pair extending the retracement from 0.7137, the Aug 11 high. The move lower last week resulted in a print below 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.