Clears The 20-Day EMA

• RES 4: 0.7141 76.4% retracement of the Jun 3 - Jul 14 downleg
• RES 3: 0.7069 High Jun 16
• RES 2: 0.6964 50-day EMA
• RES 1: 0.6912 38.2% retracement of the Jun 3 - Jul 14 downleg
• PRICE: 0.6888 @ 16:25 BST Jul 21
• SUP 1: 0.6786/6682 Low Jul 18 / 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 was broadly flat into the Thursday close after extending the bounce from 0.6682, the Jul 14 low. Tuesday’s gains also resulted in a break of the 20-day EMA and this exposes resistance at the 50-day EMA, at 0.6964. Short-term gains are considered corrective and the primary bear trend remains intact. A reversal lower would refocus attention on the 0.6682 bear trigger where a break would confirm a resumption of the downtrend.