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Arrives At 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: 0.7361 @ 11:05 BST Jul 19
  • SUP 1: 0.7360/50 Bear channel base from Feb 25 high / Intraday low
  • SUP 2: 0.7339 Low Nov 30, 2020
  • SUP 3: 0.7304 1.236 proj of Feb 25 - Apr 1 - May 10 price swing
  • SUP 4: 0.7284 Low Nov 24, 2020

AUDUSD is under pressure. The pair traded lower Friday and breached support at 0.7410, Jul 9 low to confirm a resumption of the downtrend. The break lower maintains a bearish price sequence of lower lows and lower highs. Today's sell-off has resulted in a test of the bear channel base drawn off the Feb 25 high. The channel base is at 0.7360. A clear break would open 0.7339 next, Nov 30, 2020 low. Initial firm resistance is at 0.7503, Jul 13 high.

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