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Bearish Price Action

AUDUSD TECHS
  • RES 4: 0.7202 High Jun 9
  • RES 3: 0.7138 High Jun 10
  • RES 2: 0.0.7006/69 50-day EMA / High Jun 16 and a key resistance
  • RES 1: 0.6894/6964 20-day EMA / High Jun 28
  • PRICE: 0.6723 @ 06:55 BST Jul 12
  • SUP 1: 0.6685 High Mar 9 2020
  • SUP 2: 0.6647 0.764 proj of the Apr 5 - May 12 - Jun 3 price swing
  • SUP 3: 0.6588 Low May 28 2020
  • SUP 4: 0.6538 Low May 26 2020

AUDUSD started this week on a soft note, trading to a fresh trend low. The strong sell-off Monday resulted in a break of support at 0.6762, the Jul 5 / 6 low and 0.6759, 50.0% of the Mar ‘20 - Feb ‘ 21 bull cycle. The break lower confirms a resumption of the downtrend and sets the scene for a move towards 0.6685, the Mar 9 2020 high. On the upside, initial firm resistance is seen at 0.6894, the 20-day EMA.

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