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Consolidating

AUSSIE TECHS
  • RES 4: 0.7356 High Dec 5, 2018
  • RES 3: 0.7295 High Jan 2019
  • RES 2: 0.7276/84 High Aug 19 / High Feb 2019
  • RES 1: 0.7216 High Aug 21
  • PRICE: 0.7197 @ 10:41 BST Aug 26
  • SUP 1: 0.7136/09 Low Aug 20 / Low Aug 12 and the bear trigger
  • SUP 2: 0.7076 Low Aug 3 and a key support
  • SUP 3: 0.7064 Low Jul 24
  • SUP 4: 07046 50-dma

AUDUSD is consolidating and holds below last week's high of 0.7276 on Aug 19. The move lower on Aug 19 remains a potentially important S/T bearish threat and signals the possible start of a correction. The daily pattern on this day is a bearish engulfing candle and is reinforced by bearish divergence between price and momentum. Key resistance and the bull trigger is 0.7276. Watch support though at 0.7109, Aug 12 low and a bear trigger.

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