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Fresh Trend Low

AUDUSD TECHS
  • RES 4: 0.7202 High Jun 9
  • RES 3: 0.7138 High Jun 10
  • RES 2: 0.0.7017/69 50-day EMA / High Jun 16 and a key resistance
  • RES 1: 0.6910/6964 20-day EMA / High Jun 28
  • PRICE: 0.6744 @ 16:18 BST Jul 11
  • SUP 1: 0.6685 High Mar 9 2020
  • SUP 2: 0.6647 0.764 proj of the Apr 5 - May 12 - Jun 3 price swing
  • SUP 3: 0.6588 Low May 28 2020
  • SUP 4: 0.6538 Low May 26 2020

AUDUSD has started this week on a soft note. The strong sell-off Monday has resulted in a break of support at 0.6762, the Jul 5 / 6 low and 0.6759, 50.0% of the Mar ‘20 - Feb ‘ 21 bull cycle. The break lower confirms a resumption of the downtrend and sets the scene for a move towards 0.6685, the Mar 9 2020 high. On the upside, initial firm resistance is seen at 0.6874, the 20-day EMA.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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