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Free AccessBounces Off Trend Low
- RES 4: 0.7069 High Jun 16
- RES 3: 0.6970 50-day EMA
- RES 2: 0.6874 High Jul 8
- RES 1: 0.6852/54 20-day EMA / High Jul 18
- PRICE: 0.6834 @ 16:28 BST Jul 18
- SUP 1: 0.6682 Low Jul 14 and the bear trigger
- 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 traded to a fresh trend low of 0.6682 last week (Jul 14). The pair remains bearish and this recent weakness reinforces bearish conditions. Support at 0.6762, the Jul 5 / 6 low and 0.6759, 50.0% of the Mar ‘20 - Feb ‘21 bull cycle, have been breached. The break sets the scene for a move towards 0.6647 next, a Fibonacci projection. On the upside, initial firm resistance is seen at 0.6852, the 20-day EMA.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.