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Approaching The Bear Channel Base

AUDUSD TECHS
  • 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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