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Off Recent Highs

AUDUSD TECHS
  • RES 4: 0.7591 61.8% of the May - Aug sell-off / High Jul 13
  • RES 3: 0.7534 High Jul 7
  • RES 2: 0.7499/7503 50.0% of the May - Aug sell-off / High Jul 13
  • RES 1: 0.7478 High Sep 3
  • PRICE: 0.7382 @ 06:42 BST Sep 8
  • SUP 1: 0.7342 20-day EMA
  • SUP 2: 0.7285 Low Aug 30
  • SUP 3: 0.7222/7106 Low Aug 27 / Low Aug 20 and the bear trigger
  • SUP 4: 0.7053 38.2% retracement of the Mar '20 - Feb uptrend

AUDUSD is off its recent highs. The RBA decision Tuesday worked against the previous bullish tone, pressing the rate through the 50-day EMA support. The near-term outlook remains bullish and dips are considered corrective. The focus is on 0.7503, Jul 13 high and remains a key near-term hurdle for bulls. Key support to watch is 0.7222, Aug 27 low, a break would signal a resumption of bearish activity. Initial support is at 0.7337, the 20-day EMA.

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