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Holding On To Its Recent Gains

AUDUSD TECHS
  • RES 4: 0.6744 High Jul 18
  • RES 3: 0.6693 76.4% retracement of the Jul 11 - Aug 5 bear leg
  • RES 2: 0.6646 High Jul 23
  • RES 1: 0.6615 50-day EMA
  • PRICE: 0.6590 @ 17:15 BST Aug 12
  • SUP 1: 0.6472/6350 Low Aug 6 / 5
  • SUP 2: 0.6339 Low Nov 10’23
  • SUP 3: 0.6315 Low Oct 31 ‘23
  • SUP 4: 0.6270 Low Oct 26 ‘23 and a key support

A bearish theme is AUDUSD remains intact. However, from a short-term perspective, a corrective cycle is in play and the pair is trading closer to its recent highs. Price is through the 20-day EMA and attention turns to the 50-day EMA, at 0.6615. A clear break of this average would undermine a bearish theme and signal scope for stronger gains. For bears, a reversal would refocus attention on the Aug 5 low and bear trigger, at 0.6350.

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