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Key Support Remains Exposed

  • RES 4: 0.7645 High Jun 17
  • RES 3: 0.7637 50-day EMA
  • RES 2: 0.7617 High Jun 25 and a key short-term resistance
  • RES 1: 0.7534/99 High Jul 7 / High Jul 6
  • PRICE: 0.7461@ 06:45 BST Jul 8
  • SUP 1: 0.7445 Low Jul 2 and the bear trigger
  • SUP 2: 0.7376 Bear channel base drawn off the Feb 25 high
  • SUP 3: 0.7372 1.236 proj of Feb 25 - Mar 9 - 18 price swing
  • SUP 4: 0.7316 1.382 proj of Feb 25 - Mar 9 - 18 price swing

AUDUSD is weaker and approaching key short-term support. The pair found resistance at 0.7599 Tuesday. The outlook remains bearish and the focus is on 0.7445, Jul 2 low. Last week's move lower maintains the price sequence of lower lows and lower highs. Furthemore, moving average studies remain in a bear mode. A break of 0.7445 would open 0.7376, a bear channel base drawn off the Feb 25 high. Firm resistance is at 0.7617, Jun 25 high.

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