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Bearish Extension

AUDUSD TECHS
  • RES 4: 0.6921 High Feb 20
  • RES 3: 0.6857/6900 High Jun 20 / 16 and key resistance
  • RES 2: 0.6701/6806 20-day EMA / High Jun 27
  • RES 1: 0.6665 Low Jun 30
  • PRICE: 0.6659 @ 15:53 BST Jun 30
  • SUP 1: 0.6596 Low June 29
  • SUP 2: 0.6579 Low Jun 5
  • SUP 3: 0.6562 76.4% retracement of the May 31 - Jun 16 rally
  • SUP 4: 0.6485 Low Jun 1

Despite a modest bounce Friday, the overarching outlook for AUDUSD remains soft following recent weakness and the extension of the reversal that started Jun 16. The downleg has resulted in a break of the 20- and 50-day EMAs, suggesting scope for a deeper retracement. 0.6627, 61.8% of the May 31 - Jun 16 rally, has also been cleared and this opens 0.6562 next, the 76.4% retracement point. Key resistance is 0.6900, the Jun 16 high. Initial firm resistance is at 0.6701, the 20-day EMA.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsForeign Exchange Bullets
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsForeign Exchange Bullets

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