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Bear Cycle Extends

AUDUSD TECHS
  • RES 4: 0.6900 High Jun 16 and a bull trigger
  • RES 3: 0.6847 High Jul 20
  • RES 2: 0.6821 High Jul 27
  • RES 1: 0.6739 High Jul 31 and a key short-term resistance
  • PRICE: 0.6608 @ 16:52 BST Aug 1
  • SUP 1: 0.6596 Low Jun 29 and key support
  • SUP 2: 0.6562 76.4% retracement of the May 31 - Jun 16 rally
  • SUP 3: 0.6485 Low Jun 1
  • SUP 4: 0.6458 Low May 31 and a bear trigger

AUDUSD traded lower Tuesday. A bearish theme remains intact and Tuesday’s sell-off confirms a resumption of the current bear leg. The pair has also recently breached both the 20- and 50-day EMA, reinforcing bearish conditions. Attention is on the next key support at 0.6596, the Jun 29 low. On the upside, key short-term resistance has been defined at 0.6739, the Jul 31 high, where a break is required to reinstate a bullish theme.

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