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Resistance Cleared

AUDUSD TECHS
  • RES 4: 0.7170 3.0% Upper Bollinger Band
  • RES 3: 0.7141 76.4% retracement of the Jun 3 - Jul 14 downleg
  • RES 2: 0.7120 2.0% 10-dma envelope
  • RES 1: 0.7102 High Aug 10
  • PRICE: 0.7094 @ 16:47 BST Aug 10
  • SUP 1: 0.6870 Low Aug 5
  • SUP 2: 0.6786 Low Jul 18
  • SUP 3: 0.6682 14 and the bear trigger
  • SUP 4: 0.6647 0.764 proj of the Apr 5 - May 12 - Jun 3 price swing

The bounce off the July lows accelerated for AUDUSD Wednesday, with the pair clearing nearby resistance on the way higher to 0.7102. This strengthens the short-term bullish outlook, proving recent pullbacks as corrective in nature. Clearance of 0.7047, Aug 1 high, is significant and opens scope for a climb toward 0.7141, a Fibonacci retracement. Support to watch is at 0.6870, Aug 5 low.

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