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Trend Outlook Remains Bearish

  • 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: 0.6449 @ 16:08 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.

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