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Bearish Threat Firms

AUDUSD TECHS
  • RES 4: 0.7246 High Jun 7
  • RES 3: 0.7184 3.0% Upper Bollinger Band
  • RES 2: 0.7137 High Aug 11
  • RES 1: 0.6991/7040 High Aug 25 / High Aug 16
  • PRICE: 0.6924 @ 16:28 BST Aug 26
  • SUP 1: 0.6856 Low Aug 23
  • 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 firmed as prices slid into the Friday close. This follows the recent retracement from 0.7137, the Aug 11 high, and despite an early recovery this week. Recent weakness resulted in a print below 0.6870, Aug 5 low. A clear break of this level would 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.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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