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Maintains A Softer Tone

AUDUSD TECHS
  • RES 4: 0.6900 High Jun 16 and a bull trigger
  • RES 3: 0.6847 High Jul 20
  • RES 2: 0.6821 High Jul 27
  • RES 1: 0.6630/6693 High Aug 2 / 50-day EMA
  • PRICE: 0.6532 @ 06:57 BST Aug 8
  • SUP 1: 0.6514 Low Aug 3
  • SUP 2: 0.6485 Low Jun 1
  • SUP 3: 0.6458 Low May 31 and a bear trigger
  • SUP 4: 0.6403 76.4% retracement of the Oct 13 ‘22 - Feb 2 bull leg

AUDUSD bears remain in the driver’s seat and the pair remains closer to its recent lows. Price is trading below 20- and 50-day EMAs - the recent breach of these averages strengthened a bearish theme. Furthermore, last week’s move lower resulted in a break of support at 0.6596, Jun 29 low, and 0.6562, 76.4% of the Oct 13 ‘22 - Feb 2 bull leg. This opens 0.6458, the May 31 low and bear trigger. Initial firm resistance is seen at 0.6693, the 50-day EMA.

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