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Early Bounce Fades

AUDUSD TECHS
  • RES 4: 0.7649 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: 0.7583 / 99 20-day EMA / High Jul 6
  • PRICE: 0.7494 @ 17:06 BST Jul 6
  • SUP 1: 0.7445 Low Jul 2 and the bear trigger
  • SUP 2: 0.7400 Round number support
  • SUP 3: 0.7383 Bear channel base drawn off the Feb 25 high
  • SUP 4: 0.7372 1.236 proj of Feb 25 - Mar 9 - 18 price swing

The AUDUSD rebound from last week's low of 0.7445 was short-lived, with prices returning into negative territory after the London close. This keeps the outlook bearish and near-term gains are considered corrective. Last week's weakness maintains the price sequence of lower lows and lower highs. Furthemore, moving average studies remain in a bear mode, reinforcing a bearish theme. The focus is on 0.7380, 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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