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Pierces The Bear Trigger

AUDUSD TECHS
  • RES 4: 0.6616 High Aug 16
  • RES 3: 0.6555 50-day EMA
  • RES 1: 0.6522 High Aug 30 and Sep 1
  • RES 2: 0.6474 20-day EMA
  • PRICE: 0.6389 @ 07:54 BST Sep 6
  • SUP 1: 0.6357 Intraday low
  • SUP 2: 0.6287 2.00 proj of the Jun 16 - Jun 29 - Jul 13 price swing
  • 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 the pair traded sharply lower Tuesday. The sell-off resulted in a print below key support and the bear trigger at 0.6365, the Aug 17 low. A clear break of this level would confirm a resumption of the downtrend and pave the way for a move towards 0.6272, the Nov 3 2022 low. Key short-term resistance has been defined at 0.6522, the Aug 30 and Sep 1 high.

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