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Approaching The Bear Trigger

AUDUSD TECHS
  • RES 4: 0.6847 High Jul 20
  • RES 3: 0.6821 High Jul 27
  • RES 2: 0.6737 High Jul 31
  • RES 1: 0.6735 20-day EMA
  • PRICE: 0.6658 @ 07:59 BST Aug 1
  • SUP 1: 0.6623 Low Jul 28 and a bear trigger
  • SUP 2: 0.6596 Low Jun 29 and key support
  • SUP 3: 0.6562 76.4% retracement of the May 31 - Jun 16 rally
  • SUP 4: 0.6485 Low Jun 1

AUDUSD is trading lower today. A bearish theme remains intact and last week’s extension lower reinforces current conditions. The pair has recently breached both the 20- and 50-day EMA and this signals scope for weakness towards the next key support at 0.6596, the Jun 29 low. The bear trigger is 0.6623, the Jul 28 low. On the upside, key short-term resistance has been defined at 0.6821, where a break is required to reinstate a bullish theme.

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