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Bearish Focus

AUDUSD TECHS
  • RES 4: 0.7643 50-day EMA
  • RES 3: 0.7645 High Jun 17
  • RES 2: 0.7617 High Jun 25 and a key short-term resistance
  • RES 1: 0.7599 High Jul 6
  • PRICE: 0.7483 @ 17:16 BST Jul 7
  • SUP 1: 0.7445 Low Jul 2 and the bear trigger
  • SUP 2: 0.7400 Round number support
  • SUP 3: 0.7378 Bear channel base drawn off the Feb 25 high
  • SUP 4: 0.7372 1.236 proj of Feb 25 - Mar 9 - 18 price swing

AUDUSD found resistance at 0.7599 Tuesday. The sharp sell-off keeps the outlook bearish and the focus is on key support at 0.7445, Jul 2 low. Last week's move lower maintains the price sequence of lower lows and lower highs. Furthemore, moving average studies remain in a bear mode, reinforcing a bearish theme. A break of 0.7445 would open 0.7378, a bear channel base drawn off the Feb 25 high. Firm resistance is at 0.7617.

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