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Bulls take a kicking: *RES 3: 0.7069...>

AUSSIE TECHS
AUSSIE TECHS: Bulls take a kicking:
*RES 3: 0.7069 High Apr 30
*RES 2: 0.7048 High May 7
*RES 1: 0.7036/35 Intraday high/100-dma & cloud top
*PRICE: 0.6962 @ 16:56 BST July 1
*SUP 1: 0.6958/61 50-DMA/Intraday low
*SUP 2: 0.6951 Former bear channel resistance now support
*SUP 3: 0.6942 Low Jun 25
AUDUSD peaked at 0.7036 overnight, before fading, and fading hard. With the
100-dma a step too far, the pair retreated throughout European and US hours,
putting the 50-dma support at 0.6958 under considerable pressure. The strong
rally that began on Jun 18 has been impulsive and it would not be a surprise to
see some consolidation further develop near-term as bulls pause for breath.
Overall however, technical conditions remain bullish following last weeks bear
channel breakout. Momentum too is trending higher. On the downside, initial
support is at the 50-dma, ahead of 0.6951, the former channel resistance.

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