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Resistance At The 50-Day EMA Remains Exposed

AUDUSD TECHS
  • RES 4: 0.7202 High Jun 9
  • RES 3: 0.7141 76.4% retracement of the Jun 3 - Jul 14 downleg
  • RES 2: 0.7069 High Jun 16
  • RES 1: 0.6977 High Jul 22
  • PRICE: 0.6952 @ 16:39 BST Jul 25
  • SUP 1: 0.6859 Low Jul 21
  • SUP 2: 0.6786/6682 Low Jul 18 / 14 and the bear trigger
  • SUP 3: 0.6647 0.764 proj of the Apr 5 - May 12 - Jun 3 price swing
  • SUP 4: 0.6588 Low May 28 2020

AUDUSD traded higher Friday, piercing the 50-day EMA on an intraday basis. This improves the near-term outlook and a continuation higher would open the Jun 16 high at 0.7069, and potentially 0.7141, the 76.4% retracement of the Jun 3 - Jul 14 downleg. Any reversal lower would instead refocus attention on the 0.6682 bear trigger where a break would confirm a resumption of the broader downtrend.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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