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Price Conditions Remain Bearish

AUDUSD TECHS
  • RES 4: 0.7776 High Jun 11
  • RES 3: 0.7673 50-day EMA
  • RES 2: 0.7645 High Jun 17
  • RES 1: 0.7617 High Jun 25
  • PRICE: 0.7499 @ 16:27 BST Jun 30
  • SUP 1: 0.7493/7476 Low Jun 30 / Low Jun 21 and the bear trigger
  • SUP 2: 0.7462 Low Dec 21, 2020
  • SUP 3: 0.7372 1.236 proj of Feb 25 - Mar 9 - 18 price swing
  • SUP 4: 0.7339 Low Nov 30, 2020

AUDUSD is trading lower this week. The outlook remains bearish following recent weakness that resulted in a break of key support at 0.7532 Apr 1 low. Price is also back below the 200-dma. The move through 0.7532 confirmed a resumption of the reversal that occurred Feb 25 and signals scope for a deeper pullback towards 0.7462 next, the Dec 21, 2020 low. Initial firm resistance is at 0.7617, the Jun 25 high.

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