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Resumes Its Downtrend

AUDUSD TECHS
  • RES 4: 0.6900 High Jun 16 and a bull trigger
  • RES 3: 0.6847 High Jul 20
  • RES 2: 0.6821 High Jul 27
  • RES 1: 0.6610/6693 High Aug 4 / 50-day EMA
  • PRICE: 0.6519 @ 16:35 BST Aug 8
  • SUP 1: 0.6497 Low Aug 8
  • SUP 2: 0.6485 Low Jun 1
  • SUP 3: 0.6458 Low May 31 and a bear trigger
  • SUP 4: 0.6403 76.4% retracement of the Oct 13 ‘22 - Feb 2 bull leg

AUDUSD bears remain in the driver’s seat and the pair traded lower Tuesday, clearing support at 0.6514, the Aug 3 low. Price has also remained below the 20- and 50-day EMAs - the recent breach of these averages strengthened a bearish theme. The continuation lower paves the way for a move towards 0.6458, the May 31 low and bear trigger. Initial firm resistance is seen at 0.6610, the Aug 4 high.

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