Free Trial

Recent Gains Appear To Be A Correction

AUDUSD TECHS
  • RES 4: 0.6723 High Aug 1
  • RES 3: 0.6616 High Aug 16
  • RES 1: 0.6575 50-day EMA
  • RES 2: 0.6522 High Aug 30
  • PRICE: 0.6471 @ 17:57 BST Aug 31
  • SUP 1: 0.6365 Low Aug 17 and the bear trigger
  • SUP 2: 0.6285 Low Nov 4 2022
  • 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 latest recovery appears to be a correction. Resistance at the 20-day EMA of 0.6490 has been pierced, but markets look to cement a break before any reversal higher can be confirmed. The 50-day EMA is at 0.6575 - a key resistance. A resumption of the downtrend and a break of 0.6365, the Aug 17 low, would pave the way for weakness towards 0.6285 next, the Nov 4 2022 low.

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

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.