Free Trial

Trend Outlook Remains Bearish

AUDUSD TECHS
  • RES 4: 0.6723 High Aug 1
  • RES 3: 0.6589 50-day EMA
  • RES 2: 0.6492 20-day EMA
  • RES 1: 0.6488 High Aug 24
  • PRICE: 0.6445 @ 07:02 BST Aug 29
  • 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 short-term gains are considered corrective. Firm resistance is at the 20-day EMA, at 0.6492. The 50-day EMA is at 0.6583. 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. On the upside, clearance of the 20-day EMA would suggest scope for a stronger short-term correction.

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.