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Trend Indicators Remain Bearish

AUDUSD TECHS
  • RES 4: 0.7534 High Jul 7
  • RES 3: 0.7503 High Ju13
  • RES 2: 0.7456 20-day EMA
  • RES 1: 0.7429 High Jul 19
  • PRICE: 0.7363 @ 16:59 BST Jul 23
  • SUP 2: 0.7290 Low Jul 21
  • SUP 3: 0.7284/65 Low Nov 24, 2020 / 2.0% 10-dma envelope
  • SUP 3: 0.7235 1.382 proj of Feb 25 - Apr 1 - May 10 price swing
  • SUP 4: 0.7222 Low Nov 13, 2020

The AUDUSD outlook remains bearish. This follows the recent sell-off and a breach of the channel base at 0.7360. The channel is drawn from the Feb 25 high and despite the fact that price is back in the channel area, the move lower marks an important short-term technical break. Scope is for weakness towards 0.7235 next, the 1.236 projection of the Feb 25 - Apr 1 - May 10 price swing. On the upside, initial resistance is seen at 0.7429, Jul 19 high.

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

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