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Focus Is On The Bear Channel

AUDUSD TECHS
  • RES 4: 0.7645 High Jun 17
  • RES 3: 0.7598/7617 50-day EMA / High Jun 25 and key resistance
  • RES 2: 0.7534/99 High Jul 7 / High Jul 6
  • RES 1: 0.7503 High Jul 13
  • PRICE: 0.7436 @ 06:39 BST Jul 16
  • SUP 1: 0.7410 Low Jul 9
  • SUP 2: 0.7362 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 traded lower Thursday, signaling a potential resumption of the downtrend. Price recently found resistance at 0.7599, Jul 6 high and the outlook is bearish with sights on 0.7362, 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 0.7503, the Jul 13 high.

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