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Corrective Bounce Concludes

AUDUSD TECHS
  • RES 4: 0.7716 High Jun 16
  • RES 3: 0.7645 High Jun 17
  • RES 2: 0.7617 High Jun 25, 50-day EMA and a key S/T resistance
  • RES 1: 0.7534/99 High Jul 7 / High Jul 6
  • PRICE: 0.7464 @ 16:22 BST Jul 13
  • SUP 1: 0.7410 Low Jul 9
  • SUP 2: 0.7369 Bear channel base drawn off the Feb 25 high
  • SUP 3: 0.7339 Low Nov 30, 2020
  • SUP 4: 0.7304 1.236 proj of Feb 25 - Apr 1 - May 10 price swing

AUDUSD attention is on key short-term support as the recent corrective bounce looks to have concluded. Price recently found resistance at 0.7599, Jul 6 high. The outlook is bearish and the focus is on 0.7369, the bear channel base drawn off the Feb 25 high. The recent move lower maintains the price sequence of lower lows and lower highs and moving average studies remain in bear mode. Initial resistance is at 0.7534.

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