AUDUSD has traded sharply lower today, extending the reversal from Thursday’s 0.6821 high. The move down reinforces a bearish theme and note that the pair is trading below both the 20- and 50-day EMAs. This signals scope for weakness towards the next key support at 0.6596, the Jun 29 low. On the upside, key short-term resistance has been defined at 0.6821, where a break is required to reinstate a bullish theme.
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USDCAD initially traded lower Tuesday before bouncing off the day’s lowest levels. Nonetheless, the trend outlook remains bearish and short-term gains are considered corrective. Moving average studies are in a bear-mode position too, highlighting current sentiment. Scope is seen for a move towards 1.2992, a Fibonacci retracement. On the upside, firm resistance is seen at 1.3286, the 20-day EMA.
AUDUSD has traded lower today, extending the reversal that started Jun 16. The recent move lower has resulted in a break of the 20- and 50-day EMA values, suggesting scope for a deeper retracement. 0.6627, 61.8% of the May 31 - Jun 16 rally, has been pierced. A clear break would open 0.6562, the 76.4% retracement level. Key resistance is 0.6900, the Jun 16 high. Initial resistance is at 0.6722, the 20-day EMA.
Gilts calls, range 95.46/95.52.