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Bear Cycle Still In Play

  • RES 4: 0.6993 76.4% retracement of the Feb 2 - May 31 bear leg
  • RES 3: 0.6936 High Feb 16
  • RES 2: 0.6900 High Jun 16 and key resistance
  • RES 1: 0.6788/6847 High Jul 21 / 20
  • PRICE: 0.6743 @ 16:24 BST Jul 24
  • SUP 1: 0.6712 Intraday low
  • SUP 2: 0.6651 Low Jul 11
  • SUP 3: 0.6619 Low Jul 7
  • SUP 4: 0.6596 Low Jun 29 and key support

AUDUSD remains in a bearish cycle. The pair has breached both the 20- and 50-day EMAs and an extension lower would pave the way for a move towards 0.6651, the Jul 11 low. Further out, the next key support level lies at 0.6596, the Jun 29 low. On the upside, a reversal higher would refocus attention initially on 0.6847, the Jul 20 high. The key bull trigger is at 0.6900, the Jun 26 high.

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