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Holding On To Its Gains

AUDUSD TECHS
  • RES 4: 0.7202 High Jun 9
  • RES 3: 0.7141 76.4% retracement of the Jun 3 - Jul 14 downleg
  • RES 2: 0.7069 High Jun 16
  • RES 1: 0.7053 61.8% retracement of the Jun 3 - Jul 14 downleg
  • PRICE: 0.7008 @ 06:51 BST Jul 29
  • SUP 1: 0.6903/0.6859 20-day EMA / Low Jul 21
  • SUP 2: 0.6786/6682 Low Jul 18 / 14 and the bear trigger
  • SUP 3: 0.6647 0.764 proj of the Apr 5 - May 12 - Jun 3 price swing
  • SUP 4: 0.6588 Low May 28 2020

AUDUSD is holding on to its recent gains and the short-term outlook remains bullish. A continuation higher would open the Jun 16 high at 0.7069, and potentially 0.7141 further out, a Fibonacci retracement. A strong reversal lower would instead refocus attention on the 0.6682 bear trigger, Jul 14 low, where a break would confirm a resumption of the broader downtrend. Initial support to watch is at 0.6903, the 20-day EMA.

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