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Clears Key Short-Term Support

AUDUSD TECHS
  • RES 4: 0.6900 High Jun 16 and a bull trigger
  • RES 3: 0.6847 High Jul 20
  • RES 2: 0.6821 High Jul 27
  • RES 1: 0.6630/6739 Intraday high / High Jul 31 and a key resistance
  • PRICE: 0.6569 @ 08:06 BST Aug 2
  • SUP 1: 0.6562 76.4% retracement of the May 31 - Jun 16 rally
  • SUP 2: 0.6485 Low Jun 1
  • SUP 3: 0.6458 Low May 31 and a bear trigger
  • SUP 4: 0.6403 76.4% retracement of the Oct 13 ‘22 - Feb 2 bull leg

AUDUSD traded lower Tuesday and is again weaker today. A bearish theme remains intact and this week’s move lower reinforces current conditions. The pair has recently breached both the 20- and 50-day EMA, reinforcing bearish conditions. Today’s move lower has resulted in a break of support at 0.6596, the Jun 29 low. Attention is on 0.6562, a Fibonacci retracement point. Key short-term resistance has been defined at 0.6739, the Jul 31 high.

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