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Trades Through Its Bear Channel Base

AUDUSD TECHS
  • RES 4: 0.7645 High Jun 17
  • RES 3: 0.7617 High Jun 25 and key resistance
  • RES 2: 0.7534/99 High Jul 7 / High Jul 6
  • RES 1: 0.7443/7503 High Jul 16 / High Jul 13
  • PRICE: 0.7327 @ 06:24 BST Jul 20
  • SUP 2: 0.7304 1.236 proj of Feb 25 - Apr 1 - May 10 price swing
  • SUP 3: 0.7298 2.0% 10-dma envelope
  • SUP 3: 0.7284 Low Nov 24, 2020
  • SUP 4: 0.7235 1.382 proj of Feb 25 - Apr 1 - May 10 price swing

AUDUSD traded lower Monday and the near-term outlook remains bearish following yesterday's sell-off that prompted new multi-month lows and a breach of the channel base at 0.7360. The break of the channel base marks an important short-term technical break and opens 0.7304 next, the 1.236 projection of the Feb 25 - Apr 1 - May 10 price swing. On the upside, initial resistance is seen at 0.7443, Jul 16 high.

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