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Bearish engulfing candle negated:......>

AUSSIE TECHS
AUSSIE TECHS: Bearish engulfing candle negated:
*RES 4: 0.7140 High Apr 23
*RES 3: 0.7098/7103 200-dma / High Apr 24
*RES 2: 0.7069 High Apr 30
*RES 1: 0.7048 Intraday high / High May 7
*PRICE: 0.7037 @ 04:57 GMT July 4
*SUP 1: 0.6985 Low Jul
*SUP 2: 0.6956/55 Low Jul 1 / 50-DMA
*SUP 3: 0.6936 Former bear channel resistance now support
*SUP 4: 0.6942 Low Jun 25
AUDUSD has staged an impressive recovery off 0.6956, the Jul 1 low. The print
above 0.7036 yesterday and today is significant because it negates the bearish
threat following the bearish engulfing candle pattern on Jul 1. This allows for
a resumption of the uptrend and reinforces the bullish significance of the bear
channel breakout last week. Support provided by the former channel top is at
0.6936 today and represents an important level.

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