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In A Range

AUDUSD TECHS
  • RES 4: 0.7528 50-day EMA
  • RES 3: 0.7503 High Jul 13
  • RES 2: 0.7487 High Jul 15
  • RES 1: 0.7428/29 20-day EMA / High Jul 19
  • PRICE: 0.7401 @ 16:37 BST Jul 29
  • SUP 2: 0.7290 Low Jul 21 and the bear trigger
  • SUP 3: 0.7284 Low Nov 24, 2020
  • SUP 3: 0.7235 1.382 proj of Feb 25 - Apr 1 - May 10 price swing
  • SUP 4: 0.7222 Low Nov 13, 2020

AUDUSD continues to trade within its recent range. The trend outlook remains bearish. This follows the recent breach of a channel base, drawn from the Feb 25 high. Despite the fact that price is back inside the channel area, the move lower marks an important technical break, signalling potential for 0.7235 next, a 1.236 projection of the Feb 25 - Apr 1 - May 10 price swing. On the upside, initial resistance to watch is at 0.7429, Jul 19 high.

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

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