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Eyeing The Bear Channel Base

AUDUSD TECHS
  • RES 4: 0.7716 High Jun 16
  • RES 3: 0.7645 High Jun 17
  • RES 2: 0.7605/17 50-day EMA / High Jun 25 and key S/T resistance
  • RES 1: 0.7534/99 High Jul 7 / High Jul 6
  • PRICE: 0.7468 @ 06:44 BST Jul 15
  • SUP 1: 0.7410 Low Jul 9
  • SUP 2: 0.7365 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 is consolidating and attention is on a key near-term support. Price recently found resistance at 0.7599, Jul 6 high. The outlook is bearish and sights are on 0.7365, 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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