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Finds Some Support For Now

  • RES 4: 0.6993 76.4% retracement of the Feb 2 - May 31 bear leg
  • RES 3: 0.6936 High Feb 16
  • RES 2: 0.6900 High Jun 16 and key resistance
  • RES 1: 0.6788/6847 High Jul 21 / 20
  • PRICE: 0.6770 @ 07:54 BST Jul 25
  • SUP 1: 0.6719/15 50-day EMA / Low Jul 24
  • SUP 2: 0.6651 Low Jul 11
  • SUP 3: 0.6619 Low Jul 7
  • SUP 4: 0.6596 Low Jun 29 and key support

AUDUSD remains in a bearish cycle but has managed to find some support. Price has pierced the 50-day EMA - at 0.6719. An extension lower would pave the way for a move towards 0.6651, the Jul 11 low. Further out, the next key support level lies at 0.6596, the Jun 29 low. On the upside, a stronger reversal higher would refocus attention initially on 0.6847, the Jul 20 high. The key bull trigger is at 0.6900, the Jun 26 high.

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