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Hits Bear Trigger

AUDUSD TECHS
  • RES 4: 0.7666 50-day EMA
  • RES 3: 0.7645 High Jun 17
  • RES 2: 0.7617 High Jun 25 and a key short-term resistance
  • RES 1: 0.7571 High Jun 29
  • PRICE: 0.7469 @ 16:19 BST Jul 1
  • SUP 1: 0.7467 Low Jul 1
  • SUP 2: 0.7462 Low Dec 21, 2020
  • SUP 3: 0.7372 1.236 proj of Feb 25 - Mar 9 - 18 price swing
  • SUP 4: 0.7339 Low Nov 30, 2020

AUDUSD continues to trade lower this week. The outlook remains bearish following the move lower between Jun 11 - 21 that resulted in a break of key support at 0.7532 Apr 1 low. Price is also back below the 200-dma. The move through 0.7532 confirmed a resumption of the reversal that occurred Feb 25 and signals scope for a deeper pullback towards 0.7462 next, the Dec 21, 2020 low. Initial firm resistance is at 0.7617, the Jun 25 high.

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