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Downtrend Extends

AUDUSD TECHS
  • RES 4: 0.7453/87 50-day EMA / High Jul 15
  • RES 3: 0.7427 High Aug 4 and the reversal trigger
  • RES 2: 0.7389 High Aug 11
  • RES 1: 0.7341 High Aug 17
  • PRICE: 0.7232 @ 17:30 BST Aug 18
  • SUP 1: 0.7229 Low Aug 18
  • SUP 2: 0.7222 Low Nov 13, 2020
  • SUP 3: 0.7202 2.0% 10-dma envelope
  • SUP 4: 0.7178 1.500 proj of Feb 25 - Apr 1 - May 10 price swing

AUDUSD extended losses Wednesday, slipping to new lows of 0.7229. The breach of 0.7290 earlier in the week confirmed an extension of the bearish price sequence of lower lows and lower highs, reinforcing the current downward cycle. Price fell through 0.7235, a Fibonacci projection to target November 2020 lows at 0.7222. Key near-term resistance has been defined at 0.7427, Aug 4 high.

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