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AUD

Continues Slide

CROSS ASSET

Risk Assets Struggling On Evergrande Worry?

SGD

Lower For Third Session

RBA

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  • RES 4: 111.71 High Mar 24, 2020
  • RES 3: 111.66 High Jul 2 and the bull trigger
  • RES 2: 110.70/82 High Jul 14/ High Jul 7
  • RES 1: 110.59 High Jul 23
  • PRICE: 110.53 @ 16:56 BST Jul 23
  • SUP 1: 109.07 Low Jul 19
  • SUP 2: 108.56 Low May 25
  • SUP 3: 108.47/34 76.4% of the Apr 23 - Jul 2 rally / Low May 7
  • SUP 4: 108.08 Low Apr 27

USDJPY is holding onto the week's gains. Gains though are considered corrective and the pair remains vulnerable. This follows Monday's break of support at 109.53, Jul 8 low. The move lower resumes the reversal from early July and paves the way for an extension lower. Note that support at 109.19 has also been breached, Jun 7 low. Attention is on 108.47, a Fibonacci retracement. Firm resistance is seen at 110.70, Jul 14 high.