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New 2021 Lows

AUDUSD TECHS
  • RES 4: 0.7503 High Jul 13
  • RES 3: 0.7461/87 50-day EMA / High Jul 15
  • RES 2: 0.7427 High Aug 4 and the reversal trigger
  • RES 1: 0.7389 High Aug 11
  • PRICE: 0.7254 @ 16:39 BST Aug 17
  • SUP 1: 0.7254 Low Aug 17
  • SUP 2: 0.7235 1.382 proj of Feb 25 - Apr 1 - May 10 price swing
  • SUP 3: 0.7222 Low Nov 13, 2020
  • SUP 4: 0.7202 2.0% 10-dma envelope

AUDUSD fell sharply Tuesday, falling to the lowest levels of the year and accelerating the downside trend. Key short-term support at 0.7290, Jul 21 low gave way with little issue, exposing a further decline toward projection support at 0.7235 and the November 2020 lows at 0.7222. Moving average studies remain solidly in a bear mode highlighting the current bearish risk.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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