A bearish theme in AUDUSD remains intact. The fresh cycle low on Tuesday marks an extension of the price sequence of lower lows and lower highs. Note that moving average studies are in a bear-mode position, highlighting a dominant downtrend. Scope is seen for a move towards 0.6350, the Aug 5 low and the next key support. The pair has recovered from its recent lows - a correction. Initial firm resistance to watch is 0.6534, the 20-day EMA.
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A bear cycle in AUDUSD remains intact and the pair has again traded to a fresh cycle low, today. This reinforces the current downtrend. A key support at 0.6622, Sep 11 low, has been breached, strengthening a bearish theme and note too that the pair has also cleared 0.6576, 61.8% of the Aug 5 - Sep 30 bull leg. A continuation lower would open 0.6490, the 76.4% retracement. Initial firm resistance to watch is 0.6622, the Sep 11 low.
A bullish theme in EURJPY remains intact and Wednesday’s fresh cycle high reinforces current conditions. The latest recovery resulted in the break of two important resistance points; 163.49, the Sep 27 high and 163.89, the Aug 15 high. This move highlights a stronger reversal. 164.92, 50.0% of the Nov 11 - Aug 5 bear leg, has also been cleared. 166.53, the Jul 31 high, has given way - opening 167.40 for direction. Initial firm support to watch is 161.85, the Oct 17 low.