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Watching Resistance

AUDUSD TECHS
  • RES 4: 0.6702 High Jul 22
  • RES 3: 0.6621 50-day EMA
  • RES 2: 0.6589 20-day EMA
  • RES 1: 0.6565 Intraday high
  • PRICE: 0.6546 @ 08:08 BST Aug 7
  • SUP 1: 0.6472/6350 Low Aug 6 / 5
  • SUP 2: 0.6339 Low Nov 10’23
  • SUP 3: 0.6315 Low Oct 31 ‘23
  • SUP 4: 0.6270 Low Oct 26 ‘23 and a key support

A bearish theme is AUDUSD remains intact and the pair initially traded sharply lower Monday, before recovering. Price action is volatile and continues to recover from the recent low. Monday’s low print highlights a test of key support at 0.6463, the Apr 19 low. A clear break of this level would reinforce a bearish theme and signal scope for an extension towards 0.6339, the Nov 10 ‘23 low. Initial resistance is at 0.6589, the 20-day EMA.

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