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Heading South




Breaches Key Short-Term Support


Late SOFR/Treasury Option Trade

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Pullback Considered Corrective

  • RES 4: 0.7141 76.4% retracement of the Jun 3 - Jul 14 downleg
  • RES 3: 0.7069 High Jun 16
  • RES 2: 0.7047/53 High Aug 1 / 61.8% of the Jun 3 - Jul 14 downleg
  • RES 1: 0.6960 50-day EMA
  • PRICE: 0.6922 @ 16:32 BST Aug 3
  • SUP 1: 0.6886 Low Aug 3
  • SUP 2: 0.6859 Low Jul 21
  • SUP 3: 0.6786/6682 Low Jul 18 / 14 and the bear trigger
  • SUP 4: 0.6647 0.764 proj of the Apr 5 - May 12 - Jun 3 price swing

AUDUSD traded higher Monday, but has since faced resistance and traded sharply lower Tuesday. The short-term outlook is bullish and for now, the pullback is considered corrective. A resumption of strength, and a break of resistance at 0.7047, Monday’s high, would open the Jun 16 high at 0.7069. Further out there is scope for a climb towards 0.7141, a Fibonacci retracement. The next support to watch is 0.6859, the Jul 21 low.

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