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Uptrend Still Intact

AUSSIE TECHS
  • RES 4: 0.7246 High Feb 6, 2019
  • RES 3: 0.7222 1.764 projection of the Mar 19 - 31 rally from Apr 3 low
  • RES 2: 0.7206 High Apr 17, 2019
  • RES 1: 0.7197/99 High Jul 29/ High Apr 18, 2019
  • PRICE: 0.7133 @ 16:39 BST Jul 30
  • SUP 1: 0.7064 Low Jul 24 and key near-term support
  • SUP 2: 0.7010 Low Jul 21
  • SUP 3: 0.6963 Low Jul 16
  • SUP 4: 0.6922/21 Low Jul 7 / Low Jul 14

AUDUSD pulled back slightly Thursday, but remains in an uptrend for now. Last week the pair cleared former resistance at 0.7063, Jun 10 high. The breach confirmed a resumption of the uptrend that has been in place since Mar 19. This week's gains have also reinforced underlying bullish conditions. The focus is on 0.7222 next, a Fibonacci projection level. The key near-term support lies at 0.7064, Jul 24 low. A break would concern bulls.

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