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Bearish Focus

AUDUSD TECHS
  • RES 4: 0.7523 50-day EMA
  • RES 3: 0.7503 High Jul 13
  • RES 2: 0.7487 High Jul 15
  • RES 1: 0.7429 High Jul 19
  • PRICE: 0.7347 @ 17:49 BST Aug 10
  • SUP 1: 0.7290 Low Jul 21 and the bear trigger
  • SUP 2: 0.7284 Low Nov 24, 2020
  • SUP 3: 0.7235 1.382 proj of Feb 25 - Apr 1 - May 10 price swing
  • SUP 4: 0.7222 Low Nov 13, 2020

AUDUSD remains in a range, but edged lower into the Friday close. The trend outlook is unchanged and bearish. This follows the recent breach of a channel base drawn from the Feb 25 high. Despite the fact that price has moved back inside the channel area, the move lower marks an important technical break, signalling potential for 0.7235 next, a 1.236 projection of the Feb 25 - Apr 1 - May 10 price swing. On the upside, initial resistance is at 0.7429, Jul 19 high.

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