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Approaching The Bear Channel Base
- RES 4: 0.7645 High Jun 17
- RES 3: 0.7617 High Jun 25 and key resistance
- RES 2: 0.7534/99 High Jul 7 / High Jul 6
- RES 1: 0.7443/7503 High Jul 16 / High Jul 13
- PRICE: 0.7384 @ 06:43 BST Jul 19
- SUP 1: 0.7373 Intraday low
- SUP 2: 0.7360 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 trading lower. The pair traded lower Friday and breached support at 0.7410, the Jul 9 low to confirm a resumption of the downtrend. The break lower maintains a bearish price sequence of lower lows and lower highs and the pair is weaker within the bear channel drawn off the Feb 25 high. The channel base is at 0.7360. Initial firm resistance is at 0.7503, the Jul 13 high. Clearance of this level is required to ease the current bearish pressure.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.