AUDUSD remains in consolidation mode. The trend condition is bearish and recent gains are considered corrective. Price has recently breached the 20- and 50-day EMAs, suggesting scope for a deeper retracement. A resumption of weakness would open 0.6562, 76.4% of the May 31 - Jun 16 rally. Initial firm resistance is at 0.6721, the Jun 27 high. A break would suggest scope for a stronger correction.
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USDCAD maintains a softer tone and traded to new multi-month lows Friday. The resumption of weakness exposes 1.3302, the Apr 14 lows and a key support. Clearance of this level would strengthen bearish conditions. On the upside, initial firm resistance is at 1.3479, the 20-day EMA. A break of this level is required to ease bearish pressure.
The AUDUSD bull cycle that started on May 31 remains in play and the pair is trading at its recent highs. Resistance at the 50-day EMA has been cleared. The break higher strengthened on the break of 0.6733, 76.4% of the downleg in May. On the downside, a reversal lower is required to refocus attention on 0.6458, the May 31 low. Initial support is seen at 0.6623, the 20-day EMA.