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Bearish Outlook

AUDUSD TECHS
  • RES 4: 0.6857 High Jun 20
  • RES 3:0.6768 High Jun 23
  • RES 2: 0.6806 High Jun 22
  • RES 1: 0.6721/0.6724 High Jun 27 / 1.0% 10-dma Envelope
  • PRICE: 0.6657 @ 16:37 BST Jul 11
  • SUP 1: 0.6596 Low June 29 and the bear trigger
  • 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

AUDUSD remains in consolidation mode. The trend condition is bearish and recent gains are considered corrective. Price has recently breached the 20- and 50-day EMAs, suggesting scope for a deeper retracement. A resumption of weakness would open 0.6562, 76.4% of the May 31 - Jun 16 rally. Initial firm resistance is at 0.6721, the Jun 27 high. A break would suggest scope for a stronger correction.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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