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Fresh Trend Low

  • RES 4: 0.6723 High Aug 1
  • RES 3: 0.6643 50-day EMA
  • RES 2: 0.6577 20-day EMA
  • RES 1: 0.6480 High Aug 16
  • PRICE: 0.6402 @ 07:58 BST Aug 17
  • SUP 1: 0.6365 Intraday low
  • SUP 2: 0.6285 Low Nov 4 2022
  • SUP 3: 0.6272 Low Nov 3 2022 and a key support
  • SUP 4: 0.6215 2.236 proj of the Jun 16 - Jun 29 - Jul 13 price swing

The AUDUSD trend condition remains bearish and Wednesday’s move lower reinforces the current bearish theme. The pair has this week breached support at 0.6458, the May 31 low and bear trigger. This strengthens the downtrend and paves the way for weakness towards 0.6285 next, the Nov 4 2022 low. On the upside, firm resistance is seen at the 20-day EMA - at 0.6577. Short-term gains would be considered corrective.

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