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Clears The Bear Trigger

AUDUSD TECHS
  • RES 4: 0.7666 50-day EMA
  • RES 3: 0.7645 High Jun 17
  • RES 2: 0.7617 High Jun 25 and a key short-term resistance
  • RES 1: 0.7527 High Jun 30
  • PRICE: 0.7499 @ 16:52 BST Jul 2
  • SUP 1: 0.7445 Low Jul 2
  • SUP 2: 0.7400 Round number support
  • SUP 3: 0.7385 Bear channel base drawn off the Feb 25 high
  • SUP 4: 0.7372 1.236 proj of Feb 25 - Mar 9 - 18 price swing

AUDUSD slipped further below support at 0.7476, Jun 21 low. The outlook is bearish as the price sequence of lower lows and lower highs extends. Price is also back below the 200-dma. The move in June through 0.7532, Apr 1 low confirmed a resumption of the reversal that occurred Feb 25 and this also highlights a bearish theme. The focus is on 0.7385, a bear channel base drawn off the Feb 25 high. Firm resistance is at 0.7617, the Jun 25 high.

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

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