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Corrective Cycle

AUDUSD TECHS
  • RES 4: 0.6806 High Jun 22
  • RES 3: 0.6784 61.8% retracement of the Jun 16 - 29 bear leg
  • RES 2: 0.6768 High Jun 23
  • RES 1: 0.6742 Intraday high
  • PRICE: 0.6706 @ 08:00 BST Jul 12
  • SUP 1: 0.6651/6596 Low Jul 11 / Low June 29 and the bear trigger
  • SUP 2: 0.6579 Low Jun 5
  • SUP 3: 0.6562 76.4% retracement of the May 31 - Jun 16 rally
  • SUP 4: 0.6485 Low Jun 1

AUDUSD short-term gains appear to be a correction and the trend condition remains bearish. The sharp sell-off between Jun 16 - 29 signals scope for a continuation lower. The bear trigger has been defined at 0.6596, the Jun 29 low. A break would resume the bear leg and open 0.6562, 76.4% of the May 31 - Jun 16 rally. Resistance is at today’s intraday high of 0.6742, ahead of 0.6768, the Jun 23 high.

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