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Approaching The Bear Channel Base

  • RES 4: 0.7645 High Jun 17
  • RES 3: 0.7628 50-day EMA
  • RES 2: 0.7617 High Jun 25 and a key short-term resistance
  • RES 1: 0.7534/99 High Jul 7 / High Jul 6
  • PRICE: 0.7427 @ 06:44 BST Jul 9
  • SUP 1: 0.7410 Low Jul 9
  • SUP 2: 0.7374 Bear channel base drawn off the Feb 25 high
  • SUP 3: 0.7339 Low Nov 30, 2020
  • SUP 4: 0.7304 1.236 proj of Feb 25 - Apr 1 - May 10 price swing

AUDUSD is weaker and traded lower yesterday with the pair approaching key short-term support. The pair recently found resistance at 0.7599, Jul 6 high. The outlook remains bearish and the focus is on 0.7374, the bear channel base drawn off the Feb 25 high. The recent move lower maintains the price sequence of lower lows and lower highs for the pair. Furthemore, moving average studies remain in a bear mode. Initial resistance is at 0.7534.

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