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Trading Closer To Its Recent Lows

AUDUSD TECHS
  • RES 4: 0.7202 High Jun 9
  • RES 3: 0.7138 High Jun 10
  • RES 2: 0.7069 High Jun 16 and a key short-term resistance
  • RES 1: 0.6924/6964 20-day EMA / High Jun 28
  • PRICE: 0.6838 @ 18:08 BST Jul 7
  • SUP 1: 0.6762 Low Jul 5 / 6
  • SUP 2: 0.6759 50.0% retracement of the Mar ‘20 - Feb ‘ 21 bull cycle
  • SUP 3: 0.6685 High Mar 9 2020
  • SUP 4: 0.6647 0.764 proj of the Apr 5 - May 12 - Jun 3 price swing

AUDUSD continues to trade closer to its recent lows. The pair remains vulnerable following the recent breach of 0.6829, the May 12 low. The break strengthens bearish conditions and confirms a resumption of the downtrend that started February 2021. The move lower also maintains a broader bearish price sequence of lower lows and lower highs. Sights are on 0.6759 next, a Fibonacci retracement. Initial firm resistance is seen at 0.6964, high Jun 28.

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