AUDUSD TECHS: Bullish Outlook

• RES 4: 1.3753 High High Jul 2   
• RES 3: 1.3681 High Jul 4 
• RES 2: 1.3636 76.4% retracement of the Jul 1 - Aug1 downleg
• RES 1: 1.3544/3595 High Aug 22 / 14
• PRICE: 1.3507 @ 19:50 BST Aug 29
• SUP 1: 1.3391 Low Aug 22 and the bear trigger  
• SUP 2: 1.3315 61.8% retracement of the Aug 1 - 14 bull leg
• SUP 3: 1.3249 76.4% retracement of the Aug 1 - 14 bull leg 
• SUP 4: 1.3142 Low Aug 1 and a key support      

The outlook in GBPUSD remains bullish and the pair is trading above support. The Aug 22 price pattern - a bullish engulfing candle - signals the end of a recent corrective phase. An extension higher would open the short-term bull trigger at 1.3595, the Aug 14 high. Clearance of this level would signal scope for a climb towards 1.3636, 76.4% of the bear leg between Jul 1 and Aug 1. Key short-term support is 1.3391, the Aug 22 low.

• RES 4: 1.1851 High Sep 10 2021
• RES 3: 1.1829 High Jul 01 and the bull trigger 
• RES 2: 1.1789 High Jul 24 
• RES 1: 1.1743 High Aug 22
• PRICE: 1.1695 @ 19:40 BST Aug 29
• SUP 1: 1.1574/1.1528 Low Aug 27 / Low Aug 5 
• SUP 2: 1.1392 Low Aug 1 and bear trigger 
• SUP 3: 1.1373 Low Jun 10 
• SUP 4: 1.1313 Low May 30 

EURUSD is in consolidation mode. The trend set-up is bullish and short-term pullbacks are considered corrective. Note that the pair has pierced key support around the 50-day EMA, currently at 1.1604. A clear break of the average would signal scope for a deeper retracement and potentially expose key M/T support at 1.1392, the Aug 1 low. Key resistance and the bull trigger is at 1.1829, the Jul 1 high. A break would resume the primary uptrend.

S&P has upgraded Portugal's long-term credit rating to A+ from A, with a stable outlook (had been positive).

• This is the 7th S&P upgrade for Portugal, from a low of BB in 2012-15. Only four ratings are higher (AA-, AA, AA+, AAA). This is the same rating as Slovakia, and just above Spain (A) per S&P.
• Per Bloomberg: "*S&PGR UPGRADES PORTUGAL TO 'A+' ON LOWER DEBT; OUTLOOK STABLE"