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Remains Above Recent Lows

AUDUSD TECHS
  • RES 4: 0.7069 High Jun 16
  • RES 3: 0.6964 50-day EMA
  • RES 2: 0.6874 High Jul 8
  • RES 1: 0.6857 Intraday high
  • PRICE: 0.6850 @ 07:02 BST Jul 19
  • SUP 1: 0.6786/6682 Low Jul 18 / 14 and the bear trigger
  • SUP 2: 0.6647 0.764 proj of the Apr 5 - May 12 - Jun 3 price swing
  • SUP 3: 0.6588 Low May 28 2020
  • SUP 4: 0.6538 Low May 26 2020

AUDUSD has recovered from recent lows. Gains though are considered corrective. The pair traded to a fresh trend low of 0.6682 last week on Jul 14 and recent weakness reinforces bearish conditions. Support at 0.6762, the Jul 5 / 6 low and 0.6759, 50.0% of the Mar ‘20 - Feb ‘21 bull cycle, have been breached. This sets the scene for a move towards 0.6647 next, a Fibonacci projection. On the upside, next resistance is seen at 0.6874, the Jul high.

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