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Clears Support

AUDUSD TECHS
  • RES 4: 0.7040 High Aug 16
  • RES 3: 0.7009 High Aug 26
  • RES 2: 0.6949 20-day EMA
  • RES 1: 0.6908 Intraday high
  • PRICE: 0.6858 @ 06:59 BST Aug 29
  • SUP 1: 0.6841 Intraday low
  • 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 Friday following a sharp reversal from the intraday high of 0.7009. Today's move lower marks a bearish start to the week and this has resulted in a break of support at 0.6856, the Aug 23 low. The move lower has confirmed a resumption of the bear cycle that started Aug 11. Attention is on 0.6789, a Fibonacci retracement. On the upside, key short-term resistance has been defined at 0.7009.

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