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Bearish Threat Remains Present

AUDUSD TECHS
  • RES 4: 0.7246 High Jun 7
  • RES 3: 0.7185 3.0% Upper Bollinger Band
  • RES 2: 0.7137 High Aug 11
  • RES 1: 0.6964/7040 50-day EMA / High Aug 16
  • PRICE: 0.6960 @ 16:46 BST Aug 25
  • 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 remains present following the recent retracement from 0.7137, the Aug 11 high. This week’s recovery is considered corrective. The move lower last week resulted in a print below 0.6870, Aug 5 low and 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.

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