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  • RES 4: 0.7534 High Jul 7
  • RES 3: 0.7503 High Jul 13
  • RES 2: 0.7434 20-day EMA
  • RES 1: 0.7429 High Jul 19
  • PRICE: 0.7381 @ 19:48 BST Jul 28
  • SUP 2: 0.7290 Low Jul 21 and the bear trigger
  • SUP 3: 0.7284 Low Nov 24, 2020
  • SUP 3: 0.7235 1.382 proj of Feb 25 - Apr 1 - May 10 price swing
  • SUP 4: 0.7222 Low Nov 13, 2020

Broad USD weakness following the Fed decision, but the ensuing rally in AUDUSD stopped short of challenging any near-term resistance levels. This keeps the outlook bearish after the recent breach of a channel drawn from the Feb 25 high. Despite the fact that price is back inside the channel area, the move lower marks an important technical break, signalling potential for a move towards 0.7235 next, a 1.236 projection of the Feb 25 - Apr 1 - May 10 price swing. On the upside, initial resistance to watch is at 0.7429, Jul 19 high.