Free Trial

Key Support Remains Exposed

AUDUSD TECHS
  • 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.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.