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Trend Needle Points South

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: 0.6645/6680 High Aug 4 / 50-day EMA
  • PRICE: 0.6559 @ 16:41 BST Aug 10
  • 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

Short-term AUDUSD trend conditions remain bearish following recent weakness and the extension of the reversal from the Jul 13 high. The failure of the pair to sustain any part of the firm intraday spike higher is a bearish development. Price is trading below the 20- and 50-day EMAs - the recent breach of these averages strengthened a bearish theme. The continuation lower opens 0.6458, the May 31 low and a bear trigger.

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