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Bear Cycle Still In Play

AUDUSD TECHS
  • RES 4: 0.6993 76.4% retracement of the Feb - May downleg
  • RES 3: 0.6921 High Feb 20
  • RES 2: 0.6857/6900 High Jun 20 / 16 and key resistance
  • RES 1: 0.6731/6806 20-day EMA / High Jun 27
  • PRICE: 0.6676 @ 15:59 BST Jun 26
  • SUP 1: 0.6663 Low Jun 23
  • SUP 2: 0.6627 61.8% retracement of the May 31 - Jun 16 rally
  • SUP 3: 0.6610 Low Jun 6
  • SUP 4: 0.6562 76.4% retracement of the May 31 - Jun 16 rally

Last week’s pullback in AUDUSD resulted in a break of the 20- and 50-day EMA values. The break of the 50-day average, at 0.6703, suggests potential for a deeper retracement. The next support lies at 0.6627, a Fibonacci retracement point. Clearance of this level would strengthen bearish conditions. Initial firm resistance is at 0.6806, the Jun 27 high. Clearance of this level would ease a bearish threat. Key resistance is 0.6900, Jun 16 high.

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