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Resumes Its Downtrend

AUDUSD TECHS
  • RES 4: 0.7202 High Jun 9
  • RES 3: 0.7138 High Jun 10
  • RES 2: 0.7069 High Jun 16 and a key short-term resistance
  • RES 1: 0.6964 High Jun 28
  • PRICE: 0.6851 @ 16:29 BST Jul 4
  • SUP 1: 0.6764 Low Jul 1
  • SUP 2: 0.6759, 50.0% retracement of the Mar ‘20 - Feb ‘ 21 bull cycle
  • SUP 3: 0.6685 High Mar 9 2020
  • SUP 4: 0.6647 0.764 proj of the Apr 5 - May 12 - Jun 3 price swing

On Friday, AUDUSD traded below its key short-term support at 0.6829, the May 12 low. The break of this support strengthens bearish conditions and confirms a resumption of the downtrend that started February 2021. The move lower also maintains a broader bearish price sequence of lower lows and lower highs. Scope is for weakness towards 0.6759, a Fibonacci retracement. Initial resistance is seen at 0.36964, high Jun 28.

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  • RES 4: 0.7202 High Jun 9
  • RES 3: 0.7138 High Jun 10
  • RES 2: 0.7069 High Jun 16 and a key short-term resistance
  • RES 1: 0.6964 High Jun 28
  • PRICE: 0.6851 @ 16:29 BST Jul 4
  • SUP 1: 0.6764 Low Jul 1
  • SUP 2: 0.6759, 50.0% retracement of the Mar ‘20 - Feb ‘ 21 bull cycle
  • SUP 3: 0.6685 High Mar 9 2020
  • SUP 4: 0.6647 0.764 proj of the Apr 5 - May 12 - Jun 3 price swing

On Friday, AUDUSD traded below its key short-term support at 0.6829, the May 12 low. The break of this support strengthens bearish conditions and confirms a resumption of the downtrend that started February 2021. The move lower also maintains a broader bearish price sequence of lower lows and lower highs. Scope is for weakness towards 0.6759, a Fibonacci retracement. Initial resistance is seen at 0.36964, high Jun 28.